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SYY stock price was in the correction phase and has retested $60. - 2
SYY stock has exited the falling channel pattern in yesterday’s market session.
Sysco Corporation (NYSE: SYY) Sysco Corp. engages in the selling, marketing, and distribution of food products to restaurants, healthcare and educational facilities, and lodging establishments. It operates through the following segments: U.S. Foodservice Operations, International Foodservice Operations, SYGMA, and Other. The company was founded by John F. Baugh in 1969 and is headquartered in Houston, TX.
Is SYY an Ideal Candidate For a Portfolio
At press time, SYY stock price is trading at $66.49 with an intraday gain of 1.45%. Trading volume increased by 2.78% to 6.90 Million and the market cap is $33.526 Million. Furthermore, analysts have maintained a buy rating with a yearly target price of $80.78 suggesting an outperform rating.
In the last session, SYY stock posted the Q3 earnings results above the estimates and investors celebrated the SYY stock. It has exited the falling channel, but faced the immediate barrier of 50 day EMA and made a hanging man candlestick in the last session. Moreover, the volume spurt sharply delivers the buying interest on the charts.
SYY Stock Price Prediction 2023
SYY stock has exited the falling channel and could extend the buying momentum beyond the significant moving averages to reach the round mark of $100.
SYY stock has the potential to retest the 52 week high of $87.88 and will claim the maximum of $100 soon. On the contrary, if SYY stock slips below the 20 day EMA, it could retest the immediate support zone of $50.
SYY Stock Price Prediction 2024
On the monthly chart, SYY stock made a hammer candlestick which is a sign of reversal from the 50 day EMA. Furthermore, if the stock surpasses the immediate barrier of $80, it will acquire pace and go toward the $100 mark.
SYY stock has a potential to reach the maximum of $125 by 2024, if bullishness sustains. Conversely, if SYY stock fails to hold the gains, it could rise up to a minimum of $40.
SYY Stock Price Prediction 2025
On the 6 months chart, SYY stock price has retested the 20 day EMA and is ready to bounce and retest the highs of $88.
In case of follow-on buying, SYY stock has the potential to smash the $100 barrier. A bullish rally toward the upper trajectory of $150 followed by $180 is the maximum upside is anticipated (by 2025).
Conversely, if SYY stock price fails to outperform it could reach the minimum of $35.
Summary
SYY stock price action shows a channel breakout, surpassing the 20 day EMA hurdle in the last session. Moreover, the price action showcases the buying interest with volume spurt showcased the willingness to escape the immediate barriers of $70 followed by $80, which if surpassed, SYY stock will claim the upside near $100.
Technical Levels
Support Levels: $60 and $50
Resistance Levels: $70 and $80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/11/01/syy-stock-price-prediction-2023-2024-2025-is-syy-suited-for-long-term/