Sysco Corp. - (SYY) - July 14, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Sysco, a distributor of food and kitchen equipment to restaurants, has been steadily climbing up the rankings in the SIA S&P 500 Index Report since the beginning of this year, recently returning to the Green Favored Zone. Yesterday, it finished in 47th place, up 2 spots on the day and up 71 positions in the last month.

A look at the slope of the 50-day moving average indicates that after climbing through most of 2021 and early 2022, Sysco (SYY) shares consolidated in a sideways range through the second half of 2021, and since the start of this year, they have started to climb once again. A few weeks ago, Sysco successfully retested support at the bottom of its current $75.00 to $90.00 trading range. At that point and since then, the shares have also continued to successfully hold above their long-term uptrend support line indicating continuing accumulation.

A breakout over $90.00 would signal the start of a new upleg with next potential resistance in the $100.00 to $105.00 area based on a round number and a cluster of measured moves. Initial support appears at the uptrend line near $80.00.

 

Sysco (SYY) shares appear to be on an upswing this month, having recently broken out of a symmetrical consolidation triangle of higher lows and lower highs. Sysco has also completed a bullish Double Top pattern on the 2% chart and a bullish Spread Triple Top pattern in its 1% chart. That being said, it still faces initial resistance near its May peak and the $90.00 round number that it would need to overcome to confirm that its primary uptrend has resumed.

On a breakout, next potential resistance on trend appears near the $100.00 round number, followed by $105.35 and $111.80 which are based on a combination of vertical and horizontal counts. Initial support appears near $78.25 based on a 3-box reversal.

With a bullish SMAX score of 9 SYY is exhibiting strength against the asset classes.

 

 

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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