rejection below 60.7 coupled with a support and a long candle signals a long Today's close should give me the last indicator I need to long. Will update.
GIS retracing for a small 1:1 RR opportunity long
GIS Im loving this set up in General Mills, look for it to move mostly sideways/down the remainder of the year and start of 2020. I will start accumulating around the 48 area if this hold true, because it appears to most likely be Wave 2 (aka Right shoulder of Inverted H&S) and at the very least ride back up to the decision point. In my opinion, this is at least...
Reasons: - MA200 touched - Bearish candle confirmation - Overbought - Overall bearish trend High R:R up to 1:5 for second target Risk 0.5% of capital per trade
GIS is a dividend fortress. The company has been in business for over a 100 years. Due to missed earnings, I believe that the stock has been oversold. This seems to be a good entry point before the next earnings report.