STI runs into sellers again around 69.41


SunTrust Banks (STI) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
STI pushes through key resistance level
STI closes above its opening price after recovering from early selling pressure
STI finds support at 100-day moving average
STI ends the day on a bullish note closing near the high of the day
STI runs into sellers again around 69.41
TQ Sentiment
Report Sentiment: 63% Bullish
Technical Forecast:
Overview

STI finished Thursday at 69.38 gaining $0.47 (0.68%). Today's closing price of 69.38 marks the highest close since March 21st. Trading up to $0.67 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 69.28, SunTrust Banks confirms its breakout through the prior session's high having traded $0.13 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for STI
Volatility

Thursday's trading range was $1.24 (1.8%), that's slightly below last trading month's daily average range of $1.31. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 68.17 and 69.84 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Even with a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 68.95 today, it is now likely to act as support going forward. After having been unable to move above 69.28 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 69.41. After trading as low as 68.17 during the day, STI found support at the 100-day moving average at 68.54.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying might speed up should prices move above the nearby swing high at 69.75 where further buy stops could get triggered.

Conclusion

While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for SunTrust Banks
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Bullish Belt-hold TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

STI pushes through prior session high

Aug 14, 2018
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