General Mills - Bearish RS & Trends = Continuation Lower to $37The bearish DailyPlay we chose for Wednesday, May 23rd is General Mills (GIS). GIS is part of the Consumer Staples Sector (XLP). Over the last month, XLP has experienced a 1.53% move lower and its 1m and 6m trend turned bearish yesterday and recently bounced lower off its $50 resistance level.
General Mills' 1m and 6m trends turned bearish on 4/18 and recently bounced lower off its $44 resistance level. With a technical score of 1 (out of 10), GIS is a weak stock that will likely trend lower.
As a stop loss, if GIS was to trade above $44 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
OptionsPlay Trade Idea:
Buy to Open 1 GIS Jul 20 37.5/42.5 Put Vertical @ $169 - app.optionsplay.com
Cost: $169
Max Reward: $331
Max Risk: $169
POP: 40.61%
Breakeven: $40.81
