General Mills Inc. (GIS) broke below an important $60 support level on Feb. 17, but then quickly jumped back above it on Feb. 21. The price has been hovering just above $60 since October, but this level has been playing support and resistance going back to mid-2015. The quick drop and rally indicates that there wasn't any selling pressure below $60, so buying between $60.50 and $60 could provide some short-term upside. A stop loss could go below the Feb. 17 low of $58.70. On the upside, $63.50 to $64 has been resistance since October and provides a potential exit for long trades. Alternatively, if a trader believes the price can break above the $64 region, then a target could be placed between $67 and $68 (size of the recent range, added to breakout price). A decline below $58.70 warns of further downside, with little support until $55 to $54.
Read more: Three Stocks Trading Near Support (INTC, GIS) | Investopedia http://www.investopedia.com/stock-analysis/cotd/022217/three-stocks-trading-near-support-intc-gis-intc-gis-nwl.aspx#ixzz4ZTEiibp5
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