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

By Shiri Gupta

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. Today's price range of $10.52 and $10.81 is within yesterday'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.

In the past 52 weeks, Sterling Bancorp share prices have been bracketed by a low of $7.01 and a high of $22.17 and are now at $10.58, 51% above that low price. The 200-day and 50-day moving averages have moved 0.83% lower and 4.09% lower over the past week, respectively.

Potential upside of 190.2% exists for Sterling Bancorp, based on a current level of $10.58 and analysts' average consensus price target of $30.70. The stock should run into initial resistance at its 50-day moving average (MA) of $15.30 and subsequent resistance at its 200-day MA of $19.12.

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.

SmarTrend is monitoring the recent change of momentum in Sterling Bancorp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sterling Bancorp in search of a potential trend change.

Keywords: bearish inside day candle sterling bancorp

Ticker(s): STL