CPB finds buyers at key support level
Campbell Soup (CPB) Technical Analysis Report for May 17, 2018
CPB finished Thursday at 39.22 losing $0.26 (-0.66%) on high volume. Today's closing price of 39.22 marks the lowest close since December 3, 2013. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CPB as at May 17, 2018):
Thursday's trading range was $0.79 (2.0%), that's slightly below last trading month's daily average range of $0.91. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.
After trading as low as 38.87 during the day, the stock bounced off the key support level at 39.06. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 39.79.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.