CPB closes within prior day's range
Campbell Soup Company (CPB) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
CPB finished the month -0.12% lower at 49.57 after gaining $0.26 (0.53%) today, slightly underperforming the S&P 500 (0.77%). Trading up to $0.34 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.
Daily Candlestick Chart (CPB as at Jul 31, 2020):
Friday's trading range has been $0.91 (1.85%), that's slightly above the last trading month's daily average range of $0.87. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CPB.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on July 9th, CPB gained 1.76% on the following trading day.
Unable to break through the key technical resistance level at 49.87 (R1), the stock closed below it after spiking up to 49.87 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Campbell Soup. Out of 456 times, CPB closed higher 50.66% of the time on the next trading day after the market condition occurred.