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

By David Diaz

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. Today's price range of $14.64 and $14.94 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. 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.

Over the past year, Sterling Bancorp has traded in a range of $12.82 to $17.75 and is now at $14.83, 16% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.

Sterling Bancorp (NYSE:STL) has potential upside of 18.0% based on a current price of $14.83 and analysts' consensus price target of $17.50. Sterling Bancorp shares should first meet resistance at the 200-day moving average (MA) of $15.42 and find additional resistance at the 50-day MA of $15.81.

Sterling Bancorp is the holding company for Sterling National Bank and other subsidiaries. The Company provides commercial and consumer lending, asset-based financing, accounts receivable management, commercial and residential mortgage lending, equipment leasing, trust and estate services, and investment management services. Sterling conducts business operations throughout the United States.

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

Keywords: bullish inside day candle sterling bancorp

Ticker(s): STL