Everbody Eats: Part 2 Sysco
- Posted by Greg Harmon
- on June 2nd, 2014
Last week I bought Conagara, $CAG and put forth the case for it in this space titled Everybody Eats So… Keeping in that same vein, there is another food company that is looking attractive. Sysco, $SYY, is perhaps the largest food distribution company on the planet. Look for their trucks on the road and you will see them everywhere. The stock has had a slow and steady grind higher after a long consolidation from 2010 to 2012. The Measured Move out of that Diamond consolidation was met on the spike in December and it consolidated for nearly 5 months after that. Now the Bollinger bands are opening higher on the weekly chart below and the MACD is crossed up and rising, joining the RSI in its bullish climb higher. Price is breaking to the upside and if you need a target higher, the 3-box reversal Point and figure carries a price objective to 60. Got your attention now? It also has a natural stop at the 20 week SMA at about 36 for a low risk trade. I bought some today at 37.62 as a start.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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