CPB remains in a downtrend; failure to hold above the upward trend line risks a retest of the $19.85 support level.

One stock that hasn't seen a spectacular move is Campbell Soup. Here we see Campbell Soup's stock. He delivered mixed results. We exceeded expectations in earnings per share, but we fell short in revenue.

You can see that much of that was due to the reduction of subsidy debt. Well, they've even cut the dividends, guys.

Therefore, when dividends are cut, investors turn to some of these stocks as safe havens because they can raise money even if the stock doesn't move much. Today we are seeing a decline of approximately 7%, but with a good recovery for Campbell stock.

Most importantly, it retested the upward trend line that it had already broken. Therefore, although the fracture here is negative, testing it on the same day is somewhat positive .

We will see if Campbell can start rising again and hold at this trend line in the near term. He continued testing it so that it could bounce back over him. After working hours, at least for the time being, we see that the price is going back down.

Now, let me step back a little to show you what is actually happening to Campbell Soup stock on the weekly timeframe. We've seen a steady decline since this peak here in July 2016.

You can see that the recent price action was rescued by the bottom of this parallel range, but this near-term break puts that range back in sight, folks. It is currently at the $19.85 level.

Essentially, the pivotal lows that occurred earlier this year. So, be careful. As long as Campbell Soup stock remains below this upward trend line, we are at risk of retesting the lower range of the parallel channel.