General Mills Inc. had a sharp rise from $39.75 (U.S.) to $53.07 in 2013 (A-B) and then stayed in a trading range between $47 and $53 for about one year (dotted lines). The stock then rallied above this range and reached a high of $55.64 (C), pulled back and found support near $48-$49 (D) and then resumed the up-trend (E) toward higher targets above a long-term up-trend (solid line). A better buying opportunity may occur near $55, but only a decline below $53-$54 would be negative. Point & Figure measurements provide targets of $66 and $72. Higher targets are visible.
Monica Rizk is the senior technical analyst for Phases & Cycles Inc. (www.phases-cycles.com). Ron Meisels is a contributor to the www.NA-marketletter.com website and Tweets at @Ronsbriefs. They may hold shares in companies profiled. Please see the site for a glossary.