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

By Shiri Gupta

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. Yesterday's price range of $66.28 and $67.67 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 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 (NYSE:STI) has potential upside of 10.5% based on a current price of $67.61 and analysts' consensus price target of $74.72. The stock should hit resistance at its 50-day moving average (MA) of $67.79, as well as support at its 200-day MA of $64.14.

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.

In the past 52 weeks, Suntrust Banks share prices have been bracketed by a low of $51.96 and a high of $73.37 and closed yesterday at $67.61, 30% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.3%.

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: bullish am inside day candle suntrust banks

Ticker(s): STI