Stock Analysis:-Good Swing Trade Stocks for next month – Sysco Corporation (SYY).
Good Swing Trade Stocks: Sysco Corporation (SYY) Stock Analysis :-
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When searching for the Best Stocks to Swing Trade, Sysco Corporation (SYY) presents an interesting setup for a potential sell trade. On Thursday, September 19, 2024, Sysco Corporation closed at $74.14. Let’s dive into a technical analysis to understand the potential future movement of this stock.
Monthly Time Frame Analysis:-
Sysco Corporation has been trading in a strong bullish trend on the monthly chart, consistently forming higher highs (HH) and higher lows (HL).
However, the current price level is trading within a descending channel, attempting to reach an unmitigated demand zone left on the chart. This is a key support zone where we might see some buying activity, but the trend suggests otherwise for the time being.
Weekly Time Frame Insights:-
On the weekly time frame, Sysco stock has begun a retracement phase. The price is now forming lower lows (LL) and lower highs (LH), indicating a short-term bearish outlook. Moreover, an incomplete bat harmonic pattern is developing, which could further signal a move to the downside in the coming weeks.
Additionally, the weekly candle has broken and closed below the 50 EMA (Exponential Moving Average), which is a bearish signal. The down bar with ultra-high volume on the weekly chart also adds more weight to the expectation that the stock might drop further in the near future.
Key Levels to Watch:-
- Bearish Scenario: If the price continues to stay below $82, the bearish setup remains valid. A move to the downside is expected.
- Invalidation of Bearish Setup: If the price breaks and closes above the $82 level, this bearish trade idea becomes invalid.
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Sell Swing Trade Idea for Sysco Corporation (SYY)
For those looking to short the stock, here’s a potential trade setup:
Sell Entry Range: $75 – $78
Stop Loss: $80
Target 1: $69.50
Target 2: $67
This setup provides a good risk-to-reward ratio if the bearish scenario plays out as expected. Keep an eye on key technical indicators such as volume, harmonic patterns, and moving averages to stay updated on possible trend reversals.
In summary, Sysco Corporation presents itself as one of the Good Swing Trade Stocks with a potential bearish move in the near term. However, as with any trade, it’s crucial to monitor the price action and adjust strategies if conditions change.
Disclaimer:- ” This site’s content is for educational purposes only. We are not financial advisors. Please consult your financial advisor before trading or investing “
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Note: Always remember: risk no more than 1% per trade.” Keep trailing your stop loss to secure bigger profits.
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