CPB closes above its opening price after recovering from early selling pressure
Campbell Soup Company (CPB) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
CPB ended the week -1.56% lower at 40.92 after edging higher $0.05 (0.12%) today on low volume, slightly underperforming the S&P 500 (0.46%). Trading up to $0.15 lower after the open, Campbell Soup managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (CPB as at Jul 12, 2019):
Friday's trading range has been $0.29 (0.71%), that's far below the last trading month's daily average range of $0.71. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for CPB.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji. The last time a Doji showed up on June 26th, CPB lost -1.75% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 41.67 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 40.39 where further sell stops could get activated. As prices are trading close to July's low at 39.78, downside momentum might speed up should the stock mark new lows for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Its common bullish interpretation has been confirmed for Campbell Soup. Out of 75 times, CPB closed higher 52.00% of the time on the next trading day after the market condition occurred.