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Possible Bullish Inside Day Candle Pattern Detected for Sterling Bancorp (NYSE:STL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Sterling Bancorp (NYSE:STL) based on the price action in the company's shares. Yesterday's price range of $22.70 and $23.15 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. Traders and investors interested in shares of Sterling Bancorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Sterling Bancorp share prices have moved between a 52-week high of $26.50 and a 52-week low of $21.00 and closed yesterday at 8% above that low price at $22.75 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

Sterling Bancorp provides clients with a full range of depository and cash management services and a broad portfolio of financing solutions-including working capital lines, accounts receivable and inventory financing, factoring, trade financing, payroll funding and processing, equipment financing, commercial and residential mortgages and mortgage warehouse lines of credit.

There is potential upside of 34.9% for shares of Sterling Bancorp based on a current price of $22.75 and an average consensus analyst price target of $30.70. The stock should run into initial resistance at its 50-day moving average (MA) of $24.16 and subsequent resistance at its 200-day MA of $24.27.

SmarTrend recommended that its subscribers protect gains by selling shares of Sterling Bancorp on June 27th, 2018 by issuing a Downtrend alert when the shares were trading at $23.83. Since that call, shares of Sterling Bancorp have fallen 4.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle sterling bancorp

Ticker(s): STL