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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. Today's price range of $40.81 and $41.48 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. 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 12.6% based on a current price of $41.46 and analysts' consensus price target of $46.70. The stock should discover initial support at its 200-day moving average (MA) of $39.66 and subsequent support at its 50-day MA of $37.64.

In the past 52 weeks, shares of SunTrust Banks have traded between a low of $31.07 and a high of $45.84 and are now at $41.46, which is 33% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.5%.

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.

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: bullish inside day candle suntrust banks

Ticker(s): STI