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News Breaks
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October 30, 2009
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| 11:57 EDT |  | SYY |
| theflyonthewall.com: | Sysco: Earnings release technical preview, bull pattern, gap risk, short-skew | | BULLISH CASE: There is a potential irregular bullish flag on the daily chart that will become active on a breakout above $27.53. Upside potential for the pattern is to the $30 area. On the weekly chart, this corresponds to a rounded "U" bottom pattern with the same upside objective. On better than expected news/outlook the stock could trade to the upper limit of the very short-term bearish price channel at $27.53. On a bullish breakout above the price channel the following resistance levels would become upside objectives: $28.40, $28.84, $29.38, $29.86, $30.35, $30.83, $31.34, $31.84, $32.35. BEARISH CASE: On worse than expected news/outlook the stock could trade to the lower limit of the price channel at $26.82. On a bearish breakdown below the price channel the following support levels would become downside objectives: $25.70, $25.28, $24.83, $24.44, $23.75, 23.08, $22.69, $22.26, $21.77, $21.38. NOTE: Large short-base at 4 days to cover, with a smaller 2.8% of the float short. Traders are positioned more for negative news. Reactions on a surprise, especially a positive one given the potential bullish price pattern and relatively high short-base, have a high probability of being extreme in duration and price. High gap risk. :theflyonthewall.com |
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