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Possible Bearish Inside Day Candle Pattern Detected for Suntrust Banks (NYSE:STI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Suntrust Banks (NYSE:STI) based on the price action in the company's shares. Today's price range of $63.93 and $64.06 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Suntrust Banks may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

SunTrust Banks, Inc. is a super-regional bank holding company. The Company's subsidiary banks operates in Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia, and the District of Columbia. SunTrust provides a wide range of financial services such as credit cards, mortgage banking, insurance, brokerage, and capital markets services.

Suntrust Banks has overhead space with shares priced $64.06, or 14.3% below the average consensus analyst price target of $74.72. The stock should hit resistance at its 200-day moving average (MA) of $64.89, as well as support at its 50-day MA of $61.42.

In the past 52 weeks, shares of Suntrust Banks have traded between a low of $46.05 and a high of $75.08 and are now at $64.06, which is 39% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.9% while the 200-day MA has slid 0.2%.

SmarTrend recommended that subscribers consider buying shares of Suntrust Banks on January 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $52.05. Since that recommendation, shares of Suntrust Banks have risen 23.1%. We continue to monitor STI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle suntrust banks

Ticker(s): STI