SYY dominated by bulls lifting the market higher throughout the day
Sysco Corporation (SYY) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, SYY ended Wednesday at 68.25 surging $2.85 (4.36%) on high volume, significantly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on Monday, SYY gained 1.29% on the following trading day. Today's close at 68.25 marks the highest recorded closing price since March 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 65.65, the stock confirmed its breakout through the prior session high after trading up to $3.21 above it intraday.
Daily Candlestick Chart (SYY as at Sep 16, 2020):
Wednesday's trading range has been $3.41 (5.2%), that's far above the last trading month's daily average range of $1.94. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SYY.
One bullish candlestick pattern matches today's price action, the White Candle.
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 though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 60.77.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Sysco. Out of 195 times, SYY closed higher 55.38% 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 56.41% with an average market move of 0.01%.