(Marketwatch) Conagra Brands Inc. CAG, -0.76% shares fell 1.5% in Thursday premarket trading after the food company reported a third-quarter sales slip that landed below estimates. Conagra reported third-quarter net income of $179.7 million, or 41 cents per share, down from $204.6 million, or 46 cents per share, for the same period last year. Adjusted EPS was 48 cents, beating the 44-cent FactSet consensus. Revenue was $1.98 billion, down from $2.20 billion last year, and just below the $1.99 billion FactSet consensus. The company now expects fiscal 2017 adjusted EPS to be at or slightly above the high-end of the $1.65 to $1.70 range. The FactSet consensus is $1.70. Sales are expected to be at or slightly below the low-end of a 4% to 5% decline. Conagra shares are up 20.1% for the past year while the S&P 500 indexSPX, +0.19% is up 15.3% for the period.Let's take a look at the daily chart:(click to enlarge)Double Top:- As we can see on the daily chart, price failed to push above a previous resistance pivot around 41.65. - Price action is developing a price top. - After a bearish reaction to the missed earnings, - Closing below 40.00 should be an indication that CAG is in a bearish correction. - Also, failure to close back up above 41.00 would show strength of the double top and add weight to the bearish correction scenario.Downside:- From a technical perspective, price has downside towards the 38.00 handle.- This is around a support/resistance pivot, more importantly the resistance of a large consolidation period.- I think the bearish outlook should be limited to the 36.00 pivot. We should also note a bullish trendline and not project our bearish outlook below this rising support.