• Return to Headlines

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

By Amy Schwartz

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. Yesterday's price range of $63.01 and $63.52 is within the prior day'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.

Potential upside of 17.9% exists for Suntrust Banks, based on a current level of $63.36 and analysts' average consensus price target of $74.72. The stock should find initial support at its 200-day moving average (MA) of $62.70 and further support at its 50-day MA of $62.54.

Over the past year, Suntrust Banks has traded in a range of $46.05 to $75.08 and closed yesterday at $63.36, 38% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.6%.

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.

SmarTrend is monitoring the recent change of momentum in Suntrust Banks. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Suntrust Banks in search of a potential trend change.

Keywords: bearish am inside day candle suntrust banks

Ticker(s): STI