Sep. 3 at 7:49 PM
$CAG technical update: trading what the tape gives us.
Campbell Soup’s
$CPB weak earnings print and soft guidance took a sledgehammer to the entire packaged food group today, and Conagra is catching its share of sympathy selling.
I’ve been long-term constructive on this space since the washout lows and remain so, but earnings across the sector continue to be hit-or-miss quarter to quarter... making it tough to gauge when a full turnaround takes hold. In the near term, we respect price action over thesis.
Here's the technical layout I'm looking at on this one:
• R-1 (resistance): The break below the 200-day SMA (
$15.88) and the psychological
$16 threshold invalidates the immediate breakout shelf. That former support zone now flips back to overhead supply.
• Support map: With momentum cooling (RSI down to 50.86, Stochastics curling over), the tape likely retests lower structural demand:
- S-1:
$15.10 (Local horizontal shelf / 50-day SMA confluence at
$14.98)
- S-2:
$14.56 (Macro consolidation base / 100-day SMA support at
$14.36)
Right now... just letting the sector-wide flush run its course and watching how buyers react around these lower support zones before looking for stabilization.
Please do your own DD. NFA.
