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Mack-Cali Realty Looks to Continue to Trade Below its Annual-Low Share Price Today

By Shiri Gupta

Shares of Mack-Cali Realty (NYSE:CLI) traded at a new 52-week low today of $16.62. This new low was reached on below average trading volume as 175,000 shares traded hands, while the average 30-day volume is approximately 603,000 shares.

Mack-Cali Realty Corporation is a fully integrated, self administered, and self managed real estate investment trust (REIT) providing management, leasing, development, construction, and other tenant related services for its class A real estate portfolio. The Properties are primarily office and office flex buildings located in the Northeast.

Mack-Cali Realty share prices have moved between a 52-week high of $29.70 and the current low of $16.62 and are currently at $16.65 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 2.6%.

There is potential upside of 37.4% for shares of Mack-Cali Realty based on a current price of $16.65 and an average consensus analyst price target of $22.88. The stock should run into initial resistance at its 200-day moving average (MA) of $21.51 and subsequent resistance at its 50-day MA of $23.18.

SmarTrend recommended that its subscribers protect gains by selling shares of Mack-Cali Realty on July 7th, 2017 by issuing a Downtrend alert when the shares were trading at $26.65. Since that call, shares of Mack-Cali Realty have fallen 37.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows mack-cali realty

Ticker(s): CLI