Nike Inc (NKE), General Mills, Inc. (GIS) and Monsanto Company (MON): 3 Big Stock Charts for Wednesday

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Earnings season doesn’t start in earnest for a few weeks, but Nike Inc (NYSE:NKE), General Mills, Inc. (NYSE:GIS) and Monsanto Company (NYSE:MON) provided the markets with quarterly earnings results that are likely to have the stocks making technical moves today.

Nike Inc (NKE)

Nike Inc (NKE)
Source: Chart courtesy of StockCharts.com
Nike earnings came out last night after the close that bested analyst expectations by a penny. NKE also reiterated its fiscal year 2017 outlook, which the market reacted to in a positive manner.

After an initial spate of selling in the after-hours, Nike shares found their way back above critical technical support at $50 and is now trading at $54 in the premarket trading.

The $50 level will be watched closely by the technical traders for its round-numbered support potential and should hold as a buying opportunity price. Also in the eyes of the technicians will be the $52 level as this serves as the August 2016 lows.

160629 GIS Price Chart
Source: Chart courtesy of StockCharts.com

Another earnings report that hit the wire before this morning’s trading was consumer products leader General Mills. The company’s earnings beat has it trading 1.7% higher ahead of the market open, which will break GIS shares through to new high territory.

Consumer staples companies remain a strong bet in this volatile and uncertain market as investors and traders continue to search for lower-vol dividend yielders that will weather the market’s shifts and changes.

General Mills’ break into new high territory on its earnings news will attract another round of technical buyers that should maintain the bullish course for GIS.

160629 MON Price Chart
Source: Chart courtesy of StockCharts.com

The earnings disappointment for the day has to go to chemical company Monsanto. The maker of roundup and other proprietary agriculture products announced earnings this morning that fell short of analyst expectations by a whopping $0.23 (on consensus expectations of $2.40).

The earnings miss will have MON shares trading lower for the session, which will provide a key technical signal as shares have been doing a balancing act on their 20-month moving average.  This trendline is considered the line of demarcation between bull and bear mode for a stock.

The break back into bear market territory is likely to target another decline, potentially to the $80 level which is where shares found their last long-term bottom.

As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/06/nike-inc-nke-general-mills-gis-inc-monsanto-company-mon-3-big-stock-charts-wednesday/.

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