Campbell (CPB) just recently gapped down on earnings breaking through a daily pivot of support and challenging its previous uptrend.
GAP REVIEW
On Nov 19th, 2013, CPB gapped down taking out the $39.80 daily pivot. The stock immediately sold off and pressed down into the 38.00.
KEY LEVEL
CPB has a key level of overhead supply now after the gap down on earnings. Overhead supply level is into $39.80. Key demand exists at $36.50. These levels give us a guide of risk to setup a nice swing trade.
THE TRADE
Any bounce back up into overhead supply at $39.00 or a break of 38.30 area is a nice entry for a swing short. The stop would be over the $39.85 and targets would be $36.50 area.
Disclosure: my Swing Newsletter Subscribers have been short since 11/20/2013.
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