Campbell Soup near Key Support Area

Published on Thursday, 12 January 2012 19:48 Written by Christopher Lynn

New York, January 12th (TradersHuddle.com) - Shares of Campbell Soup Company (NYSE:CPB) ended close to calculated support at $31.22 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

Campbell's current stock range is defined by current calculated support defined at $31.22 and by the resistance level at $33.69, which could be used as a reference by traders planning their trades. The area defined as calculated support, is where buying might materialize, which could provide a lift to shares of Campbell Soup Company . However, this area if breached will signal participants that the stock failed to entice buyers to step in and support the stock.

Traders wanting to establish a position should pay close attention to Campbell's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $33.69 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of Campbell Soup Company closed at $32.58 in the previous trading session.

Campbell Soup Company (NYSE:CPB), together with its subsidiaries, engages in the manufacture and marketing of branded convenience food products worldwide. Its business is divided in 4 segments U.S. Soup, Sauces, and Beverages; Baking and Snacking; International Soup, Sauces, and Beverages; and North America Foodservice.