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Food… Glorious Food for More Stock Gains

There has been an ongoing comparison between Cisco Systems Inc (CSCO) and Sysco Corporation (SYY).

While spelled completely differently and in different industries, they provide a “ying and yang” between technology and food. 

This makes both of these two stocks barometers for the market sectors and the economy.

Tech is losing, with Cisco down in price year to date by over 24%, while the leading food services company in Sysco is up nicely with a return year to date of over 7.3%.

This continues to get our attention with our work now underway. And the research could be setting up a long bullish trade on the food side with Sysco Corporation…

Setting Up for a Long Food Trade

Here’s how Sysco Corporation’s shares may be setting up for another bull run for a long trade…

 Sysco Corporation Price & Technical Analysis – Source: TradingView

We are looking closely at SYY on the daily time frame, which is showing a strong bullish push on the daily time frame. 

The market has broken a major counter trendline and has spent the past several days testing the angle. The market is still currently above the counter trendline, which is showing strength for the bulls. 

If one is looking for a possible entry, one can make that entry if their personal risk and equity management are in alignment. 

The profit objective for the daily time frame is $90.17, with the stop being in the sell zone below a recent low price at $79.19. 

If one chooses to look for a shorter-term opportunity, one can look to the one-hour timeframe for a possible entry once the market breaks and closes above the counter trendline that was formed on April 21. 

The market did break the counter trendline and tested the counter trendline, with the fight between the bulls and bears still active.

Once the current market price shows that the bulls are in charge, there is a short-term opportunity to $85.27, but the risk would be a little more substantial because the stop loss would be below the most recent low near the $80.32 price point.

We are continuing our research and analysis for SYY for our prime stock trading services as the company and the food sector industry show a lot of potential upside if we can get the right entry levels with controlled trade risk characteristics.

The Bottom Line

The stock market is not setting up too many easy and obvious bullish long buy trades right now.

But that doesn’t mean that there aren’t any trades that are potentially setting up to be made out of the thousands of stocks of great and successful companies.

For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.

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Keep on trading,

P.S. I have been teaching more and more traders how to make their own trading accounts work so well that they can effectively become a side job with plenty of regular earning opportunities. And in particular, learn how this is really working with digital currencies such as ETH & BTC!
To learn how to do this effectively using the strategies developed inside my War Room, click here!

The post Food… Glorious Food for More Stock Gains appeared first on Josh Daily Direction.

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