On Wednesday, before market, Campbell Soup (CPB) is anticipated to announce 3Q EPS of $0.76 compared to $0.56 a year ago on revenue of approximately $2.2B vs. $2.4B last year. The company manufactures branded food products and its current analyst consensus rating is 3 buys, 11 holds and 4 sells, according to Bloomberg.
From a chartist's point of view, Campbell Soup's stock price appears to be in a short-term cup and handle pattern that began to form in mid-May. Price may retrace down to the $49.00 support level before rebounding towards the $52.50 resistance level. If price can break through the $52.50 level we may see a continuation towards $54.00 and possibly the $57.00 level. If price can not hold above the $49.00 support level we might see a decline to $47.00.
Source: GAIN Capital, TradingView
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