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

By Nick Russo

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. Yesterday's price range of $66.35 and $66.85 is within the prior day'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 share prices have moved between a 52-week high of $66.96 and a 52-week low of $48.85 and closed yesterday at 37% above that low price at $66.75 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.4%.

Sysco Corp (NYSE:SYY) is currently priced 1.9% above its average consensus analyst price target of $65.50. Sysco Corp shares have support at the 50-day moving average (MA) of $63.55 and additional support at the 200-day MA of $59.32.

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 recommended that subscribers consider buying shares of Sysco Corp on March 12th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $60.93. Since that recommendation, shares of Sysco Corp have risen 9.8%. We continue to monitor SYY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle sysco corp

Ticker(s): SYY