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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish 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 $98.69 and $99.98 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, SL Green Realty share prices have been bracketed by a low of $80.12 and a high of $124.96 and closed yesterday at $99.93, 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.2%.

SL Green Realty (NYSE:SLG) has potential upside of 29.1% based on a current price of $99.93 and analysts' consensus price target of $129.00. The stock should hit resistance at its 200-day moving average (MA) of $106.04, as well as support at its 50-day MA of $97.78.

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.

SmarTrend is tracking the current trend status for SL Green Realty and will alert subscribers who have SLG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle sl green realty

Ticker(s): SLG