Shares of General Mills (GIS - Get Report) are taking a spill on Wednesday, down 5% to $51. On the plus side, though, the stock is off its lows when shares were down almost 10% earlier in the day.

Driving General Mills price action is the company's most recent quarterly results. Before the open on Wednesday, the company reported fourth-quarter earnings of 83 cents per share. This came in ahead of analysts' estimates calling for earnings of 77 cents per share. However, General Mills' revenue missed estimates. Sales of $4.2 billion grew 7% year-over-year, but missed estimates by $80 million.

Shares initially edged higher after the results came out, but investors have turned to selling instead. The stock gapped below the 50-day moving average on Wednesday morning, although buyers have since stabilized the share price.

The question now is, will the report be enough to push General Mills stock higher?

The company guided for full-year earnings growth of 3% to 5%, ahead of the 3.1% consensus estimate, while management expects organic sales to increase 1% to 2% for the year. Shares also yield about 3.6%, although investors may be asking themselves whether General Mills stock deserved to be trading at the new 52-week high that it hit last week.

Trading General Mills Stock

Daily chart of General Mills stock.
Daily chart of General Mills stock.

General Mills stock isn't the only mover on Wednesday, with Micron (MU - Get Report) , FedEx (FDX - Get Report) and BlackBerry (BB - Get Report) also in the earnings spotlight. But this well-known, long-standing brand sure isn't having its best showing.

Now well off its session low of $48.57, investors need to see the stock stay above this mark going forward. Should GIS stock fall below Wednesday's post-earnings low, it immediately brings up the $47.75 gap-up level that buoyed the name in May (black line). It will also undo all of the session's so-far impressive reversal.

If that's the case, it will be interesting to see if $47.75 will support the stock, particularly with the 38.2% one-year retracement just below at $47.23. If it doesn't, the $45 to $46 area may be called on as support. At $45.70 is the 200-day moving average, while just a bit lower at $45.02 is the 50% retracement. A fall to $46 would mark a roughly 15% decline from its highs.

Should shares keep rallying, I want to see how GIS stock handles the 20-day and 50-day moving averages at $51.76 and $52.44, respectively.

If it acts as resistance, then General Mills stock may roll back over and need more time to digest the quarter. If shares reclaim this mark, the stock can push higher to channel resistance (blue line) up near $55.

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.