Campbell Soup Could Test Resistance
2022.06.09 12:36
When we look at the Campbell Soup Company (NYSE:CPB) chart, we can see the fall from the $47 range on Jun. 3 and the formation of support at the $44.75 range and the consolidation in the $45.5 range for the next couple of days.
On Jun. 7, it managed to rise towards the $46.5 level, and during yesterday’s session, we can see the gap up from the $46.5 range to the high of $48.8 level and the retraction to the $47.3 level where it was last found trading. The closest temporary support level can be found at the $47.2 and resistance at the $48.8 level respectively.
Campbell Soup had scheduled a quarterly earnings announcement yesterday. Both EPS and Revenue exceeded expectations, beating the Q1 estimates. Today we can expect a move towards the $48.8 closest overhead resistance level. If it doesn’t manage to hold on to the current level, then a move below the $47 level can be expected.
Campbell Soup Stock Chart.
