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Possible Bullish Inside Day Candle Pattern Detected for SunTrust Banks (NYSE:STI)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in SunTrust Banks (NYSE:STI) based on the price action in the company's shares. Today's price range of $40.57 and $41.13 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 SunTrust Banks may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

SunTrust Banks, Inc. is a super-regional bank holding company. The Company's subsidiary banks operate 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.

In the past 52 weeks, SunTrust Banks share prices have been bracketed by a low of $31.07 and a high of $45.84 and are now at $41.09, 32% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.5%.

SunTrust Banks has overhead space with shares priced $41.09, or 12.0% below the average consensus analyst price target of $46.70. 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 recommended that subscribers consider buying shares of SunTrust Banks on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.53. Since that recommendation, shares of SunTrust Banks have risen 14.2%. We continue to monitor STI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle suntrust banks

Ticker(s): STI