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Possible Bearish Inside Day Candle Pattern Detected for Sl Green Realty (NYSE:SLG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Sl Green Realty (NYSE:SLG) based on the price action in the company's shares. Yesterday's price range of $90.25 and $90.49 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. Owners of Sl Green Realty may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

There is potential upside of 24.2% for shares of Sl Green Realty based on a current price of $89.61 and an average consensus analyst price target of $111.33. The stock should find initial support at its 50-day moving average (MA) of $86.87 and further support at its 200-day MA of $84.40.

In the past 52 weeks, Sl Green Realty share prices have been bracketed by a low of $75.45 and a high of $93.91 and closed yesterday at $89.61, 19% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

SmarTrend is monitoring the recent change of momentum in Sl Green Realty. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Sl Green Realty in search of a potential trend change.

Keywords: bearish am inside day candle sl green realty

Ticker(s): SLG