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Bullish on Campbell Soup, after a correction

We first recommended Campbell Soup Co. in March 2015 ($45.10) and again in December 2015 ($52.99). We provided a target of $59 and we suggested higher targets. Following our recent report, Campbell Soup had a sharp rise to $64.81 for a 22-per-cent appreciation in three months (A). This sharp rise produced an overbought condition which will likely give way to a minor pullback toward $57-$58, for another excellent entry point. Behaviour indicators including the 40-week moving average (40wMA) and the rising trend-line (solid line) confirm the positive status. Only a decline below $53-$54 would be negative. After a minor pullback, Point & Figure measurements provide a target of $69. Higher targets are visible.

Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled.

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