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

By Shiri Gupta

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 $51.34 and $54.00 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.

Over the past year, Sl Green Realty has traded in a range of $37.50 to $96.39 and closed yesterday at $52.61, 40% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 2.2%.

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 has overhead space with shares priced $52.61, or 52.7% below the average consensus analyst price target of $111.33. The stock should run into initial resistance at its 50-day moving average (MA) of $70.48 and subsequent resistance at its 200-day MA of $80.49.

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