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Bullish Moving Average Cross by SL Green Realty (SLG)

Published on Tue, 02/05/2013 - 12:13
By Adrienne Chilton

Today, shares of SL Green Realty (NYSE:SLG) have advanced above their 10-day MA of $80.94 on a volume of 227K shares. This may provide short-term investors a chance for a long position, as such a crossover often suggests higher prices in the near term.

In the past 52 weeks, shares of SL Green Realty have traded between a low of $70.34 and a high of $85.74 and are now at $81.33, which is 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

Potential upside of 7.3% exists for SL Green Realty, based on a current level of $81.33 and analysts' average consensus price target of $87.27. The stock should discover initial support at its 200-day moving average (MA) of $78.14 and subsequent support at its 50-day MA of $77.61.

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 Adrienne Chilton