SLG closes lower for the 2nd day in a row
SL Green Realty (SLG) Technical Analysis Report for Sep 14, 2018
Moving lower for the 2nd day in a row, SLG finished the week -0.68% lower at 100.22 after losing $0.38 (-0.38%) today. Today's closing price of 100.22 marks the lowest close since July 24th. Closing below Thursday's low at 100.40, the market confirms its breakout through the prior session's low having traded $1.17 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $1.17 (1.17%), that's slightly below last trading month's daily average range of $1.26. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.
After trading as low as 99.23 during the day, the share bounced off the key support level at 100.00. The failure to close below the support could increase that levels importance as support going forward.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The stock broke below the 100-day moving average at 100.56 today for the first time since June 13th.
Trading close to July's low at 97.97 we might see further downside momentum if potential sell stops at the level get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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