SYY pushes through key resistance level
Sysco Corporation (SYY) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
SYY finished Monday at 61.26 gaining $0.84 (1.39%). Today's closing price of 61.26 marks the highest close since February 1st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 60.63, Sysco Corp. confirms its breakout through the prior session's high having traded $0.68 above it intraday. 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 Apr 16, 2018):
Monday's trading range was $0.74 (1.22%), that's slightly below last trading month's daily average range of $0.93. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 61.08 today, it is now likely to act as support going forward.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Trading close to February's high at 62.25 we might see further upside momentum if potential buy stops at the level get triggered.