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Possible Bearish Inside Day Candle Pattern Detected for Sterling Bancorp (NYSE:STL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sterling Bancorp (NYSE:STL) based on the price action in the company's shares. Yesterday's price range of $19.53 and $19.80 is within the prior day'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. Owners of Sterling Bancorp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Sterling Bancorp provides clients with a full range of depository and cash management services and a broad portfolio of financing solutions-including working capital lines, accounts receivable and inventory financing, factoring, trade financing, payroll funding and processing, equipment financing, commercial and residential mortgages and mortgage warehouse lines of credit.

Over the past year, Sterling Bancorp has traded in a range of $17.57 to $22.17 and closed yesterday at $19.65, 12% above that low. The 200-day and 50-day moving averages have moved 0.17% lower and 0.33% lower over the past week, respectively.

There is potential upside of 56.2% for shares of Sterling Bancorp based on a current price of $19.65 and an average consensus analyst price target of $30.70. The stock should find initial resistance at its 200-day moving average (MA) of $20.40 and further resistance at its 50-day MA of $20.64.

SmarTrend is tracking the current trend status for Sterling Bancorp and will alert subscribers who have STL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle sterling bancorp

Ticker(s): STL