GIS Trade on Jul 1, 2020 09:37 from Cklamb: Tradervue User Stock Trades.

GIS
Intraday Fundamentals
• 07:39 AM EDT, 07/01/2020 (MT Newswires) -- General Mills (GIS), whose food brands include Cheerios and Yoplait, premarket Wednesday posted fiscal Q4 adjusted earnings of $1.10 per share, climbing from $0.83 a year ago and exceeding the $1.06 average estimate from analysts polled by Capital IQ.
• Revenue rose to $5.02 billion from $4.16 billion a year earlier. Analysts had expected revenue of $4.98 billion. Sales growth in the most recent period primarily reflects "a significant increase in at-home food demand driven by the COVID-19 pandemic," the company said.
• General Mills said it will not issue guidance for FY21 because of continued market uncertainties caused by the pandemic.
Technicals
ADV 4.13m RVOL 1.35 ATR 1.40 BETA .58 Short 2.95% Inst Own 74$
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
• Long 61 if it overcomes this later in the day target 61.75 risking 60.80
Reading the Tape
As this came into 60, I did watch this as the spread came in over the first couple minutes. The first couple of dips below the march high were quick wicks that were quick. The same things happened as this tried to come back into VWAP with fast rejections of that level. It was when it came back under 60 and started holding 59.77.
Trade Management
Trade Notes
I had no intention to trade this day. I did want to stay with the prep and watch the market while I was setting up to do the monthly review. This probably added to the patience to watch this sell of and retest VWAP back to a strong level of support. I was focused enough on the tape that I felt it was a low risk trade with a little less than 10 cents and easy enough to get a quick 2 for 1.
I am seeing this a lot. I need to look for this flush of the through these levels and wait for them there for a bit. I feel like this early in the trading day a 20 cent dip below a mark is probably just the elevated spread at that time of day. This wis just something to pay attention. Do the break levels further in the early and late sessions?
All and all this was a good trade taken with a good plan. A setup that was good enough to trade when it was not something that was pre-planned but the pattern was seen and acted on when I saw it.