GIS daily Jan 29th
GIS (General Mills Inc) will offer an objective short entry on any move below today’s LOD of 48.06 with prices breaking down from this Head & Shouders topping pattern. T2 at 43.22 is my preferred & final swing target at this time. Although the stock is currently trading slightly below the neckline, I prefer to see one more thrust below today’s previous lows before establishing a short position to help minimize the chances of shorting into a fake-out, or false break-out of the pattern. With GIS trading at 48.20 as I type, that would only cost me about 15 cents on my entry for a trade expected to make nearly 5 points if my preferred target is hit. Suggest stop above 49.20.