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Update on the Campbell Soup (CPB) dip

A couple of weeks ago, we saw CPB complete a price top after posting disappointing Q4 2016 earnings expectations. Essentially the market saw some dark clouds in 2017 for the soup maker.  Not surprisingly, price extended lower after the price top as we can see in the daily chart.

CPB daily chart 9/12

(click to enlarge)

First support reached:
- In the previous update, I noted that there was downside risk towards the 55.00 handle, where we see a support/resistance pivot. 
- Price has already tagged and cracked this support. Let's see if price will be sticky around this handle this week.
Further downside risk:
- To me, there is still downside risk. After all, we have not seen significant buying at 55.00 to really call it support.
- I noted in the previous update that there could be downside risk back to the low on the year which is around 50.50.
- Note that a "measured moved" (projecting the width of the price top to the direction of breakout) targets the 51 area. 
- I suspect that this is indeed going to be a highly monitored area for support, and would anticipate earlier buying, around 52.00. 
- 52 is a support/resistance pivot. 
- I would consider buying if price stalls around 52 and especially if there is a bullish divergence (between price and the RSI).