CPB finds buyers at key support level

Campbell Soup (CPB) Technical Analysis Report for Apr 16, 2018

Highlights

CPB finds buyers at key support level
CPB pushes through 20-day moving average
CPB unable to break through key resistance level
CPB pushes through previous session high
CPB ends the day indecisive

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

CPB finished Monday at 42.81 gaining $0.36 (0.85%) on low volume. Closing above Friday's high at 42.61, the market confirms its breakout through the previous session's high having traded $0.69 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CPB

Volatility

Monday's trading range was $1.20 (2.82%), that's above last trading month's daily average range of $1.01. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 42.10 during the day, the share bounced off the key support level at 42.17. The failure to close below the support might increase that levels importance as support going forward. Unable to break through the key technical resistance level at 43.00, Campbell closed below it after spiking as high as 43.30 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

While the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. CPB managed to break above the 20-day moving average at 42.58 today for the first time since April 11th.

Order Flow

Buying could speed up should prices move above the nearby swing high at 43.85 where further buy stops might get triggered. Further buying could move prices higher should the market test March's close-by high at 44.28.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Campbell Soup

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Latest Report:

CPB stuck within tight trading range

Sep 21, 2018
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