Today’s instrument is General Mills Inc.‘s stock traded in the NYSE exchange under the ticker GIS. 

When we look at the GIS‘s chart, we see it’s been stuck in a channel for more than a week, with no notable moves, between support of $61.75 level and heavy overhead resistance found at the $63.75 level. It was last found trading at $62.54.

General Mills Inc. has scheduled a quarterly earnings announcement today 23/03/2022. If earnings expectations are surpassed, we could expect the price to move upwards, towards $67.

Today we can expect a move towards and above the $63.75 level, breaking the week’s long resistance with the aid of favorable news.

(Click on image to enlarge)

If however, it doesn’t manage to hold on to the current level then a move close and below the $61.75 support level can be expected.