SYY pops to highest close since November 2, 2018
Sysco Corporation (SYY) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, SYY finished Tuesday at 70.10 gaining $0.47 (0.67%), outperforming the S&P 500 (0.05%). Today's close at 70.10 marks the highest recorded closing price since November 2, 2018. Closing above Monday's high at 69.91, the market confirmed its breakout through the previous session high after trading up to $0.28 above it intraday.
Daily Candlestick Chart (SYY as at Apr 16, 2019):
Tuesday's trading range has been $0.61 (0.87%), that's below the last trading month's daily average range of $0.77. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SYY.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on March 18th, SYY actually lost -0.42% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 67.00.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Sysco. Out of 64 times, SYY closed higher 57.81% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.13% with an average market move of 0.25%.