Campbell's Soup: An Expected Move Upwards Near The Resistance

Today’s instrument is the Campbell Soup Co. stock traded in the NYSE exchange under the ticker CPB. 

Photo by Calle Macarone on Unsplash

If we look at the CPB Weekly chart, we can see the gradual price fall since the start of the week, from $42 down to $41.5 and further down to $40.50 after a bad trading session on the 18th of November. Since then, it held that $40.50 low as support the following days even after the temporary fall to $40, it managed to bounce up and close in positive. Its last traded price was $41.07 having the support of $40.50 and overhead resistance of $41.50.

Today we could expect a move upwards near the resistance of $41.50 possibly further towards $42, as it showed the ability to hold on above the support.

If however, it doesn’t manage to hold above the current price range then a case can be made for moving towards the support of $40.50.

(Click on image to enlarge)