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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sysco Corp (NYSE:SYY) based on the price action in the company's shares. Yesterday's price range of $65.44 and $66.06 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. Traders and investors interested in shares of Sysco Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Sysco Corp (NYSE:SYY) is currently priced 0.6% above its average consensus analyst price target of $65.50. The stock should hit resistance at its 200-day moving average (MA) of $68.16, as well as support at its 50-day MA of $65.23.

Over the past year, Sysco Corp has traded in a range of $58.12 to $75.98 and closed yesterday at $65.91, 13% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

SmarTrend is tracking the current trend status for Sysco Corp and will alert subscribers who have SYY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle sysco corp

Ticker(s): SYY