Sysco $SYY Stock Downtrend Channel Breakout But Tough Resistance Ahead

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Sysco $SYY stock has formed a downtrend channel breakout chart pattern as of October 30, 2022. Early in October 2022, we had unusual dark pool trading in $SYY stock.

Dark Pool Trading In Sysco Stock

Unusual dark pool trading occurred in $SYY stock on October 4, 6, and 20th, 2022. We think the unusually large dark pool orders were buying because of how Sysco stock rose following the prints.

Sysco stock chart on October 30, 2022, with dark pool trades shown with orange bars, with a table to the right with the text TIME SYMBOL MESSAGE PRICE 10/20/22 SYY 320,287 DARK BLOCK $24.0M 14.16% AvgVol $77.70 10/20/22 SYY Unusual Dark Pool Activity $77.70 10/06/22 SYY 367,668 DARK BLOCK S27.0M 17.49% AvgVol $74.98 10/06/22 SYY Unusual Dark Pool Activity $74.98 10/04/22 SYY 338,144 DARK BLOCK $24.0M 16.86% AvgVol $73.31 10/04/22 SYY Unusual Dark Pool Activity $73.31

Make sure to review this lesson on dark pool trading so that you understand the chart above.

Bullish Option Flow In $SYY Stock

Bullish option flow occurred in $SYY stock on October 26, 2022. Open interest has exploded higher in the $90 call option contract that expires on November 18, 2022.

Sysco barchart on October 30, 2022, that shows rising open interest in the $90 call contract that expires on November 18, 2022.

Make sure to review this lesson on option flow so that you understand the image above.

Sysco price target lowered at Barclays

On October 20, 2022, Barclays analyst Jeffrey Bernstein lowered the company’s price target on Sysco to $92 from $100 and maintained an overweight rating on the stock. Resilience was surprising in third-quarter sales for restaurants, Bernstein told investors in a research note. Sales re-accelerated modestly from a June pullback, the firm said. While outsized pricing is intact, there are signs of easing food inflation and labor shortages. He cannot ignore concerns about a looming recession, but he doesn’t see any material signs of one at this time, since eating is not a discretionary activity.

Kevin Hourican, Sysco’s President and CEO appears on Mad Money with Jim Cramer (May 2022)

Kevin Hourican, Sysco’s President and CEO appears on Mad Money with Jim Cramer (May 2022)

Sysco $SYY Stock Technical Analysis

Sysco $SYY stock is in a technical weak downtrend. The stock has formed a downtrend channel breakout pattern on the chart. There is tough resistance ahead up to $90 per share. A break above $90 would put the stock in a technical uptrend.

Sysco stock chart on October 30 2022 with a downtrend channel breakout chart pattern and a positive MACD and positive money flow.
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