SYSCO CORP is showing promising signs of setting up for a breakout.

Our stockscreener has identified a possible breakout setup on SYSCO CORP (NYSE:SYY). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:SYY for potential opportunities.

Insights from Technical Analysis

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, SYY scores 8 out of 10 in our technical rating. Although SYY is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• SYY is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so SYY is lagging the market slightly.
• When comparing the performance of all stocks over the past year, SYY turns out to be only a medium performer in the overall market: it outperformed 63% of all stocks.
• SYY is part of the Consumer Staples Distribution & Retail industry. There are 41 other stocks in this industry, SYY did better than 65% of them.
• In the last month SYY has a been trading in a tight range between 78.94 and 81.57.

Our latest full technical report of SYY contains the most current technical analsysis.

How does the Setup look for NYSE:SYY

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:SYY is 9:

SYY has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 81.03. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 80.17, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:SYY?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Of course, there are many ways to trade or not trade NYSE:SYY and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.