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

By David Diaz

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 $46.73 and $47.29 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 Co (NYSE:CPB) has potential upside of 24.5% based on a current price of $47.11 and analysts' consensus price target of $58.67. The stock should run into initial resistance at its 200-day moving average (MA) of $54.52 and subsequent resistance at its 50-day MA of $62.85.

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.

Campbell Soup Co share prices have moved between a 52-week high of $67.89 and a 52-week low of $44.99 and closed yesterday at 5% above that low price at $47.11 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 tracking the current trend status for Campbell Soup Co and will alert subscribers who have CPB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle campbell soup co

Ticker(s): CPB