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Bullish Moving Average Cross by SL Green Realty (SLG)

Published on Wed, 01/02/2013 - 12:26
By Robert Cotter

Today, shares of SL Green Realty (NYSE:SLG) have advanced above their 10-day MA of $76.80 on a volume of 291K shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

There is potential upside of 11.2% for shares of SL Green Realty based on a current price of $78.09 and an average consensus analyst price target of $86.88. The stock should find initial support at its 200-day moving average (MA) of $77.71 and further support at its 50-day MA of $75.62.

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.

SL Green Realty share prices have moved between a 52-week high of $85.74 and a 52-week low of $66.49 and are now trading 17% above that low price at $78.09 per share. The 200-day and 50-day moving averages have moved 0.05% lower and 0.26% lower over the past week, respectively.

By Robert Cotter
rcotter@fnno.com