Sysco Corp is a Houston based multinational corporation which happens to be the largest broadline food distributor in the world. Sysco markets and distributes food products, kitchen equipment, and smallware’s to more than 600,000 clients. Being a leader in its industry segment, Sysco has tremendous scale and cost advantages to face any competition or economic downturn. Long-term prospects of the company look bright.
The long-term monthly chart of SYSCO shows a long-term uptrend that the stock has been in. Starting January 2020, the stock fell by more than 50% and broke the long-term trendline. In April 2020, however, the stock reversed back above the trendline. In June 2020, the price crossed an important support level at 59. The candle for May 2020 also shows a hammer pattern, which at the bottom of a pullback in an uptrend is a positive sign for long positions. There seems to be no resistance all the way till 85 levels. Stop loss can be placed below the bottom of the long-term trend.
Positions taken today at $63.83 with a stop loss 32.77% below at $42.91. Take profit point at $87 giving a profit of 36.29%
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.