Regional Bank Stock Pick: Here's The Play
InTheMoneyStocks.com | Sep 26, 2018 01:40PM ET
As you all know, many of the leading regional bank stocks have been lagging the major stock indexes recently. One bank stock that has struggled over the past few weeks is SunTrust Banks (NYSE:STI). This stock topped out on August 21 at $75.08 a share. Since that high pivot, the shares have tumbled and are now trading at $69.09. The company is scheduled to report earnings on October 19, so I would not expect a major move in the stock before then.h3 Big Support/h3
One level that caught my eye as major support is around $64.50, which is where the stock broke out in December 2017. Note, however, that level was also back-tested in February 2018 before moving to new highs. And that tells me that 's where the institutional money will defend the equity when retested.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.