Today’s instrument is the Campbell Soup Co.‘s stock traded on the NYSE exchange under the ticker CPB.
When we look at the CPB‘s chart, we can see the fall from the $47 range on June 3rd 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 June 7th 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 Co. had scheduled a quarterly earnings announcement yesterday 08/06/2022. 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 however, it doesn’t manage to hold on to the current level then a move below the $47 level can be expected.
(Click on image to enlarge)
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