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

By David Diaz

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 $46.45 and $48.14 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 $85.98 and a 52-week low of $26.00 and closed yesterday at 82% above that low price at $47.25 per share. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 3.5%.

Sysco Corp has overhead space with shares priced $47.25, or 27.9% below the average consensus analyst price target of $65.50. The stock should run into initial resistance at its 50-day moving average (MA) of $60.91 and subsequent resistance at its 200-day MA of $73.58.

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 am inside day candle sysco corp

Ticker(s): SYY