GIS is heading for its best May close. The stock remained well above last week’s lows all session despite the overall market weakness. Since a very strong earnings inspired breakout back on March 21st the stock has been consolidating in a narrow pattern while working off a slightly overbought reading(daily MACD). GIS is set up nicely for a fresh rally leg. We consider the stock a low risk buy near current levels. A close back below last week’s low($50.65) would be a clear warning sign. On the upside, a key hurdle would be a close above $52.20(2019/April intra day high.)
At time of publication we are long GIS in some managed accounts.