Nov. 13 at 1:23 AM
$SYY is currently trading at
$75.55, below its 30-day moving average (MA30) of
$77.64 and 50-day moving average (MA50) of
$79.22, indicating a bearish trend. The RSI of 37.51 suggests that the stock is approaching oversold territory, which may indicate a potential reversal or a continuation of the downtrend. The recent high of
$83.47 and low of
$72.58 over the past 60 days further emphasizes the current price's proximity to the lower end of this range.
Given this context, a potential trade plan could involve entering a long position if the price shows signs of reversal near the 60D low of
$72.58. Suggested entry could be around
$73.00, with a stop loss set at
$71.50 to limit risk. Target 1 could be set at the MA30 of
$77.64, and Target 2 at the recent high of
$83.47. This plan allows for a favorable risk-reward ratio while considering the current market dynamics.
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