Campbell Soup has struggled for years. Now it may be at risk of breaking a key support line.
Notice the $45 level on this chart. CPB clung to this price zone in late 2017 before moving lower in 2018 and 2019. It rebounded as the pandemic drove demand for packaged foods, but even then remained well below the previous highs from mid-2016.
Next, notice how the 50-day simple moving average (SMA) recently slid beneath the 200-day SMA: a bearish “death cross.”
Prices have remained below the downward price gap on June 9, which followed a disappointing quarterly report. Management tried to blame cost inflation, but weak demand and volumes also played a part.
Finally, relative strength has been poor in consumer staples. They're the second-worst performing sector this year after utilities.
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Notice the $45 level on this chart. CPB clung to this price zone in late 2017 before moving lower in 2018 and 2019. It rebounded as the pandemic drove demand for packaged foods, but even then remained well below the previous highs from mid-2016.
Next, notice how the 50-day simple moving average (SMA) recently slid beneath the 200-day SMA: a bearish “death cross.”
Prices have remained below the downward price gap on June 9, which followed a disappointing quarterly report. Management tried to blame cost inflation, but weak demand and volumes also played a part.
Finally, relative strength has been poor in consumer staples. They're the second-worst performing sector this year after utilities.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.