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5 Stock Charts You Need to See

Sysco

Last, but certainly not least, is commercial food service firm Sysco (SYY - Get Report). Sysco is forming the exact same setup as the one we're watching in GGP right now: an ascending triangle pattern. In this case, resistance comes in at $32, and shares are testing uptrending support as I write. The resistance level in SYY is a much firmer level, so a close above $32 is a sufficient buy signal for this trade.

Remember, with any technical pattern, it's critical to think in terms of buyers and sellers -- not shapes. After all, triangles, channels and the like are a good way of describing what's happening on a chart, but they're not the reason why it's tradable.

Instead, that all comes down to the supply and demand caused by those buyers and sellers. The horizontal resistance level at $32 is a place where a glut of sellers has been looking to unload shares. A breakout above that price tells us that increasingly eager buyers have absorbed all of the excess supply of shares sitting at that level. It's crucial to wait for that breakout before putting your money on the line.

To see this week's trades in action, check out this week's Must-See Charts portfolio on Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.

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Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to
TheStreet . Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily , and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.
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SYM TRADE IT LAST %CHG
BBL $36.13 0.00%
COP $49.87 0.00%
GOOG $629.25 0.00%
GGP $26.93 0.00%
SYY $36.45 0.00%

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