After Yesterday's Rally of 3.21% Shares Could Potentially Pullback
SunTrust Banks (NYSE:STI) traded in a range yesterday that spanned from a low of $40.91 to a high of $42.53. Yesterday, the shares gained 3.2%, which took the trading range above the 3-day high of $41.80 on volume of 2.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
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 $42.41, which is 36% above that low price. 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 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 15.7%. We continue to monitor STI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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