Campbell's Soup at bottom of range CPB

Well after an epic earnings miss CPB looks to be at the very bottom of its range. Looking at the weekly chart going back to 1986-ish you can see that Campbell's doesn't break the bottom of the upward sloping trendline drawn in red. I'm going to wait just a bit to initiate a position, as we still may see a little more downward movement, but then I shall be a long for the ride back up! Good luck everybody and happy trading!

Comment:

Looking at volume yesterday at one point there was huge sell volume at like 33.50. I understand why a huge institution would sell that low, but, how much lower did they really expect to push the price? I guess when you count your shares by the ten thousand lot every penny makes big dollar differences. For the rest of us it looks like good time to get in.

Initiated a position yesterday and it's looking like I thought, market over reaction and rebound is on.

Comment:

Oh yeah, and price target is $42-45