SLG ends the day indecisive
SL Green Realty Corp (SLG) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
SLG finished the week 0.99% higher at 95.04 after gaining $0.38 (0.4%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SLG as at Feb 14, 2020):
Friday's trading range has been $0.84 (0.89%), that's below the last trading month's daily average range of $1.41. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SLG.
Prices are trading close to the key technical support level at 94.35 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 95.82 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 94.35 where further sell stops could get triggered. With prices trading close to this year's high at 96.39, upside momentum might speed up should SL Green be able to break out to new highs for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for SL Green. Out of 741 times, SLG closed higher 52.77% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.28% with an average market move of 0.16%.