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 Inc (NYSE:STI). This stock topped out on August 21, 2018 at $75.08 a share. Since that high pivot in the stock, the shares have tumbled and are now trading at $69.09. The company is scheduled to report earnings on October 19, 2018, so I would not expect a major move in the stock before that time. One level that has caught my eye as major support would be around the $64.50 area. This is where the stock broke out in December 2017. please note, the level was also back-tested in February 2018 before moving to new highs. This tells me that is where the institutional money will defend the equity when retested.
NYSE:STI
Nicholas Santiago
NYSE:STI
Nicholas Santiago