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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Campbell Soup Co (NYSE:CPB) based on the price action in the company's shares. Yesterday's price range of $43.09 and $44.44 is within the prior day'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. Traders and investors interested in shares of Campbell Soup Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, shares of Campbell Soup Co have traded between a low of $42.82 and a high of $67.89 and closed yesterday at $43.96, which is 3% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.2%.

There is potential upside of 33.5% for shares of Campbell Soup Co based on a current price of $43.96 and an average consensus analyst price target of $58.67. The stock should find initial resistance at its 200-day moving average (MA) of $54.52 and further resistance at its 50-day MA of $62.85.

SmarTrend recommended that its subscribers protect gains by selling shares of Campbell Soup Co on January 10th, 2018 by issuing a Downtrend alert when the shares were trading at $46.28. Since that call, shares of Campbell Soup Co have fallen 7.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle campbell soup co

Ticker(s): CPB