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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. Today's price range of $57.49 and $57.77 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 share prices have moved between a 52-week high of $61.69 and a 52-week low of $37.71 and are now trading 53% above that low price at $57.70 per share. The 200-day and 50-day moving averages have moved 0.19% lower and 1.53% higher over the past week, respectively.

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.

There is potential upside of 6.8% for shares of Suntrust Banks based on a current price of $57.70 and an average consensus analyst price target of $61.62. Suntrust Banks shares have support at the 200-day moving average (MA) of $39.66 and additional support at the 50-day MA of $37.64.

SmarTrend is tracking the current trend status for Suntrust Banks and will alert subscribers who have STI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle suntrust banks

Ticker(s): STI