Near Key Levels - Campbell Soup

Published on Sunday, 15 January 2012 13:36 Written by TradersHuddle Staff

New York, January 15th (TradersHuddle.com) - Shares of Campbell Soup Company (NYSE:CPB) closed the trading session at $32.48 near its 50 day and 200 day moving averages currently set at $32.82 and $33.00 respectively. Campbell's price action is below these important levels, which makes the stock difficult to buy, as there will certainly be resistance as it approaches these important moving averages.

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.

Latest price action range, defined by a peaks and troughs algorithm placed calculated support at $31.22 and calculated resistance at $33.69. These levels should be watched by traders, as they provide insight into the latest price dynamics in Campbell Soup shares.

Traders should evaluate their options if they want to establish a position on Campbell Soup given the heavy resistance expected near the 50 and 200 day moving averages. A trade might be evident as the stock manages to break these moving averages, however until the break materializes buying the stock is nothing different than flipping a coin. Other levels that traders will closely evaluate are the ones defined by the peak and troughs algorithm that provides great price level reference points.