SYY surges 17.15% closing $7.83 higher
Sysco Corporation (SYY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, SYY ended Thursday at 53.48 surging $7.83 (17.15%), strongly outperforming the S&P 500 (6.24%). This is the biggest single-day gain ever recorded for Sysco. The last time we've seen such an unusually strong single-day gain on March 4th, SYY actually lost -4.25% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SYY as at Mar 26, 2020):
Thursday's trading range has been $7.03 (14.89%), that's above the last trading month's daily average range of $5.66. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for SYY.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 20-day moving average at 51.52 for the first time since January 10th.
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Sysco. Out of 136 times, SYY closed higher 53.68% 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 59.56% with an average market move of 0.89%.