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Possible Bullish Inside Day Candle Pattern Detected for SL Green Realty (NYSE:SLG)

Published on Wed, 04/17/2013 - 07:45
By Mallory Stone

Analyzing the price chart for SL Green Realty (NYSE:SLG) has revealed a potential bullish inside day candle pattern. Yesterday's price range of $86.11 and $87.95 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. Traders and investors interested in shares of SL Green Realty may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of SL Green Realty have traded between a low of $70.34 and a high of $89.16 and closed yesterday at $87.70, which is 25% above that low price. The 200-day and 50-day moving averages have moved 0.23% higher and 0.49% higher over the past week, respectively.

SL Green Realty (NYSE:SLG) is currently priced 0.6% above its average consensus analyst price target of $87.17. The stock should find initial support at its 50-day moving average (MA) of $84.49 and further support at its 200-day MA of $80.06.

SL Green Realty Corp. is a fully integrated, self-administered and self-managed real estate investment trust. The Trust is exclusively focused on owning and operating office buildings in Manhattan.

By Mallory Stone
mstone@fnno.com