The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 5/31/2024 -
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Campbell Soup (CPB) Technical Analysis

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Summary:
Weekly :Stochastic signal line moved below overbought areaBroken trend support line
Daily :Price has crossed below the 50 Day Moving AverageLane's Stochastic oversoldWilliams' Percentage Range is strongly oversoldBroken trend support line
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It was the negative week for the Campbell Soup (CPB). During the week, the CPB dropped -0.96 points, or -2.12%, and closed at 44.38 on Friday, May 31, 2024. Weekly volume was 13% above average.

Long-term trend: [See CPB long-term trend chart]
A long-term uptrend had started on January 2, 2019 at 32.03 and reached 57.78 on December 28, 2022. CPB gained -25.75 points, or -80.39%, in 208 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (46.82) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. CPB may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a long-term trend.

Medium-term trend: [See CPB medium-term trend chart]
A medium-term downtrend had started on December 28, 2022 at 57.78 and reached 37.94 on October 12, 2023. CPB lost 19.84 points, or 34.34%, in 41 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 26.99 and resistance is at 48.65. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See CPB weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The weekly MACD line is above its signal line since November 3, 2023. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.

Short-term trend: [See CPB short-term trend chart]
A short-term uptrend had started on February 14, 2024 at 40.26 and reached 46.97 on May 16, 2024. CPB gained -6.71 points, or -16.67%, in 92 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (45.44) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. CPB may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.

Daily Technical Indicators: [See CPB daily technical indicators chart]
Daily Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Lane's Stochastic or strongly oversold daily Williams' Percentage Range. Use the following link to access Williams' Percentage Range help.

The daily MACD line is below its signal line since May 21, 2024. The distance between MACD and the signal line is relatively high and getting bigger.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 38.02
Williams' Percentage Range (W%R) 90.60
Strong Oversold
Lane's Stochastic (%D-Slow) 11.10
Oversold
Greed/Fear Indicator (GFI) 19.50
Oversold
Moving Average Converg./Diverg. (MACD) 0.21
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.52
Williams' Percentage Range (W%R) 50.40
Lane's Stochastic (%D-Slow) 74.97
Greed/Fear Indicator (GFI) 58.84
Moving Average Converg./Diverg. (MACD) 0.18
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 48.65
Weekly Trendline Resistance 47.34
Upper Bollinger Band 46.89
Yearly Trendline Support 46.82
Weekly Stochastic Crossing 45.66
Parabolic System 45.66
Weekly Trendline Support 45.44
20 Day Moving Average 45.38
Monthly Trendline Resistance 44.63
50 Day Moving Average 44.62
Price 44.38
Daily Stochastic Crossing 43.62
Lower Bollinger Band 43.20
Monthly Trendline Support 43.15
Sector and Industry
Description Name Rank
Sector Consumer Staples 6
Industry Packaged Foods & Meats 52
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 46.97
High Date 05/16/2024
Low 43.24
Low Date 05/30/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 47.34
Support 45.44
Low 40.26
Low Date 02/14/2024
High 46.97
High Date 05/16/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Valid
Resistance 44.63
Support 43.15
Low 37.94
Low Date 10/12/2023
High 46.97
High Date 05/16/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 48.65
Support 26.99
High 57.78
High Date 12/28/2022
Low 37.94
Low Date 10/12/2023
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Support
Resistance 57.90
Support 46.82
Low 32.03
Low Date 01/02/2019
High 57.78
High Date 12/28/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.