Bearish DailyPlay for Friday Oct 14th, 2016 – Sysco Corp (SYY)
The bearish DailyPlay we chose for Friday Oct 14th is Sysco Corp (SYY). SYY is part of the Consumer Staples Sector (XLP). Over the last month, XLP has experienced a 0.33% move lower and it’s 1m and 6m trend turned bearish on 9/23 and recently broke below its $52.50 support level.
Sysco Corp’s 1m and 6m trends turned bearish on 9/29 and recently broke below its $49.50 support level on high volume. With a technical score of 5 (out of 10), SYY looks positioned to continue this strong bearish trend lower.
As a stop loss, if SYY was to trade above $49.50 for multiple days, this would invalidate our analysis and suggest getting out of the trade.