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Consumer staples have been among the strongest groups this year — but will it continue? For Tyson Foods, Inc. (NYSE:TSN), at least, the answer is yes, according to the Profit Scanner powered by Recognia.

Since June 23, TSN has racked up a number of bullish events, the latest of which was a short-term signal from the Commodity Channel Index oscillator on July 15. While that event does not have a particular price target associated with it, Tyson completed a bullish pattern the day before that does. Based on that, the Profit Scanner is looking for the stock to power higher to $77.50–$79.25.

The pattern in question is called the Upside Breakout. You can see in the chart below the characteristic two parallel, horizontal trendlines. The shares had been caught in a fairly long trading range — then they broke out above the upper line, signaling an end to the consolidation and the start of a new uptrend.

From here, the Profit Scanner is predicting that Tyson bulls will enjoy 9%–11% further upside in the intermediate term.

Profit Scanner powered by Recognia can help traders of all levels uncover these signals to determine the best timing to buy. Or use Profit Scanner’s technical insight to validate your own trading ideas. See how easy this powerful tool is to help you uncover hidden opportunities in the market.