After Yesterday's Rally of 1.68% Shares Could Potentially Pullback
SunTrust Banks (NYSE:STI) traded in a range yesterday that spanned from a low of $48.56 to a high of $50.14. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $48.51 on volume of 3.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SunTrust Banks share prices have moved between a 52-week high of $50.14 and a 52-week low of $31.07 and are now trading 57% above that low price at $48.65 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has slid 0.2%.
SmarTrend recommended that subscribers consider buying shares of SunTrust Banks on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.76. Since that recommendation, shares of SunTrust Banks have risen 10.0%. We continue to monitor STI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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