General Mills Inc

By root | October 24, 2007 AAA

For today's chart we've chosen to take a look at General Mills Inc. (NYSE:GIS) because a well-formed head and shoulders pattern has appeared on the chart. This technical pattern is a staple amongst short-term traders and is used to spot a potential shift in a prolonged uptrend. As you can see from the chart below, the neckline, which is created by drawing a trendline between the lows, is the last level of support that stands in the way of a sharp decline. We'll watch for a break below $54.75 and will set our short-term target at the 161.8% Fibonacci Retracement level (currently near $50.50).



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