General Mills $GIS stock gave a MACD buy signal on November 18, 2022, after what looks like a dark pool buy order in the stock.
General Mills stock is testing important horizontal resistance (red line) around $81.58. The stock was rejected off this level twice over the last 4 weeks, making it an important psychological level to watch. The stock is trading in a powerful long-term uptrend channel. During trading on November 18, 2022, the money flow and the MACD went positive.
Dark Pool Buy Order In General Mills $GIS Stock
An $8.3 million dark pool trade occurred in General Mills stock on November 14, 2022. The dark pool trade hit the tape when $GIS stock was trading at $76.97. We think the dark pool print was a buy order because $GIS stock rose following the print being made public.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
A narrative emerges that the dark pool buy could be Exane BNP Paribas or tied to the analyst Outperform rating.
General Mills initiated with an Outperform at Exane BNP Paribas
On November 15, 2022, Exane BNP Paribas analyst Max Gumport started coverage on General Mills with a rating of Outperform and a price target of $90. With a recession looming, Gumport says the US packaged foods group has historically outperformed the S&P 500 during downturns. He said it is important to separate the wheat from the chaff. He believes General Mills has reached a higher level and that its Blue Buffalo feed brand has room to run.