Sysco (NYSE:SYY) traded in a range yesterday that spanned from a low of $30.77 to a high of $31.15. Yesterday, the shares gained 0.65%, which took the trading range above the 3-day high of $30.94 on volume of 2 million shares.
Shares of Sysco are currently trading above their 50-day moving average (MA) of $29.95 and above their 200-day MA of $28.75. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Sysco and our subscribers were alerted to Buy on July 21, 2010 at $30.20. The stock has risen 3.1% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $30.94 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Food Wholesale industry.