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SmarTrend Watching for Potential Pullback in Shares of SunTrust Banks After 2.27% Gain

By James Quinn

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.

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.

SunTrust Banks share prices have moved between a 52-week high of $46.47 and a 52-week low of $31.07 and are now trading 49% above that low price at $46.40 per share. 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%.

Keywords: rebounders suntrust banks

Ticker(s): STI