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Possible Bearish Inside Day Candle Pattern Detected for Sysco Corp (NYSE:SYY)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sysco Corp (NYSE:SYY) based on the price action in the company's shares. Today's price range of $72.74 and $72.92 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Sysco Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sysco Corp (NYSE:SYY) is currently priced 10.1% above its average consensus analyst price target of $65.50. The stock should discover initial support at its 50-day moving average (MA) of $71.01 and subsequent support at its 200-day MA of $68.07.

In the past 52 weeks, Sysco Corp share prices have been bracketed by a low of $59.44 and a high of $75.98 and are now at $72.83, 23% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Sysco Corporation distributes food and related products primarily to the foodservice industry. The Company also distributes personal care guest amenities, housekeeping supplies, room accessories, and textiles to the lodging industry. Sysco serves customers in the United States.

SmarTrend is monitoring the recent change of momentum in Sysco Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sysco Corp in search of a potential trend change.

Keywords: bearish inside day candle sysco corp

Ticker(s): SYY