[42] GIS, MS, RCL
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Second for the week! Let’s review a few more names:
General Mills, Inc. (NYSE: GIS)
Following a breakdown below the multi-decade blue support trendline, GIS is back into its 2008 prior ATH at 36, with the monthly RSI at the lowest point in its entire history.
GIS continues to form lower highs below the 2 brown resistance trendlines as seen on the weekly chart, while price has once again broke down from a prior strong yearly support at 42-47.
If GIS breaks below 36, then there is an increased risk of downside continuation into the 34.04 half-yearly level next. More higher timeframe support and imbalance levels are indicated on my chart.
If GIS holds 36, then it can range back into the 42-47 prior support. More higher timeframe resistance and imbalance levels are as indicated on my chart. Note that it has to reclaim both brown resistance trendlines to see more sustainable price expansion.
Morgan Stanley (NYSE: MS)
Since breaking out of its major red resistance trendline in late-2020, MS has been trending higher. Currently, it's respecting the blue support trendline.
In the near-term, MS formed a monthly bearish imbalance at the 170-177 area, with a smaller weekly imbalance at 169.60-170.86 specifically. Upside has been suppressed by its inability to break above the red resistance trendline as shown on the daily chart.
If MS breaks above the near-term resistance trendline, fills the 170-177 monthly imbalance and turns it into support, then it could possibly push back towards prior ATHs at 193.
However, if MS were to reject this 170-177 area, or even the weekly-monthly imbalance confluence at 170-171, then it could push into the quarterly level at 151.84, where there is an unfilled quarterly imbalance at 142-152 and the 1.618 Fib at 147.26.
If MS breaks below the blue trendline, then it likely pushes towards the 109.11-109.22 quarterly support.
In terms of major resistance, the next one above the prior high of 192.68 is the 2.618 Fib sitting at 234.25.
Royal Caribbean Cruises Ltd. (NYSE: RCL)
RCL has been trading in the green ascending channel. Recently, it rejected off the green channel resistance as well as 2.618 Fib at 341.42.
In the near-term, a potential pennant pattern bounded by the red resistance trendline and the blue support trendline is in play here. That being said, it is below the 277.08 quarterly level for the time being, which was previously key for a move back into the 341.42 highs.
If RCL loses the blue support and closes below the monthly level at 253.60, it could see potential downside continuation into the 225.19 imbalance fill.
If RCL holds at blue support and reclaims the 277.08 level, it could attempt to reclaim the other monthly and quarterly resistances and push back into the red resistance trendline. If RCL breaks above 341.42 and turns it into support, then it could see price discovery into the next Fib level at 469.77. Despite all that's been discussed, there is still reason to be wary given the green channel rejection.
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$General Mills(GIS)$ $Morgan Stanley(MS)$ $Royal Caribbean Cruises(RCL)$ $Apple(AAPL)$ $Microsoft(MSFT)$
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