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Look for Shares of SunTrust Banks to Potentially Pullback after Yesterday's 2.27% Rise

By Nick Russo

SunTrust Banks (NYSE:STI) traded in a range yesterday that spanned from a low of $45.48 to a high of $46.45. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $45.63 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.

Over the past year, SunTrust Banks has traded in a range of $31.07 to $46.47 and is now at $46.40, 49% above that low. 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 3.6%. We continue to monitor STI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders suntrust banks

Ticker(s): STI