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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Campbell Soup (NYSE:CPB) based on the price action in the company's shares. Today's price range of $61.98 and $62.26 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Based on a current price of $62.14, Campbell Soup is currently 17.0% above its average consensus analyst price target of $51.58. The stock should hit resistance at its 50-day moving average (MA) of $62.85, as well as support at its 200-day MA of $54.52.

Campbell Soup share prices have moved between a 52-week high of $67.89 and a 52-week low of $44.92 and are now trading 38% above that low price at $62.14 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.5%.

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

Keywords: bearish inside day candle Campbell Soup

Ticker(s): CPB