Our most recent report on Campbell Soup Co. (March 2015 – $45.10 [U.S.]) suggested the start of a new up-leg. Following our report, Campbell Soup started a new major up-trend within a rising parallel channel (dashed lines) to reach a high of $53.35 (A) for an 18-per-cent appreciation in eight months. The recent rise toward the top of the channel could lead to a minor correction toward $50 to $51, but Campbell Soup should soon resume the up-trend toward the next up-side target. Only a sustained decline below $48 would be negative. Point & Figure measurements provide a target of $59. 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.
Chart source: www.decisionplus.com.