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Possible Bearish Inside Day Candle Pattern Detected for Campbell Soup Co (NYSE:CPB)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Campbell Soup Co (NYSE:CPB) based on the price action in the company's shares. Today's price range of $38.09 and $38.09 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Campbell Soup Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Campbell Soup Co has traded in a range of $32.03 to $44.47 and is now at $38.09, 19% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.1%.

Campbell Soup Co (NYSE:CPB) has potential upside of 20.2% based on a current price of $38.09 and analysts' consensus price target of $45.77. The stock should discover initial support at its 200-day moving average (MA) of $37.91 and subsequent support at its 50-day MA of $35.23.

Campbell Soup Company, with its subsidiaries, manufactures and markets branded convenience food products. The Company's core divisions include soups and sauces, biscuits and confectionery, and foodservice. Campbell's distributes its products worldwide.

SmarTrend is monitoring the recent change of momentum in Campbell Soup Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Campbell Soup Co in search of a potential trend change.

Keywords: bearish inside day candle campbell soup co

Ticker(s): CPB