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

By James Quinn

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 $65.42 and $65.48 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 (NYSE:STI) has potential upside of 14.1% based on a current price of $65.48 and analysts' consensus price target of $74.72. Suntrust Banks shares have support at the 50-day moving average (MA) of $62.91 and additional support at the 200-day MA of $61.48.

Suntrust Banks share prices have moved between a 52-week high of $75.08 and a 52-week low of $46.05 and are now trading 42% above that low price at $65.48 per share. The 200-day and 50-day moving averages have moved 0.11% lower and 0.04% lower over the past week, respectively.

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 inside day candle suntrust banks

Ticker(s): STI