SLG breaks below Thursday's low
SL Green Realty Corp (SLG) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, SLG ended the week -3.0% lower at 36.83 after edging lower $0.59 (-1.58%) today, significantly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 36.83 marks the lowest recorded closing price since September 9, 2009. Closing below Thursday's low at 37.20, the share confirmed its breakout through the prior session low after trading up to $1.38 below it intraday.
Daily Candlestick Chart (SLG as at May 22, 2020):
Friday's trading range has been $1.94 (5.16%), that's below the last trading month's daily average range of $2.86. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SLG.
Prices are trading close to the key technical resistance level at 37.50 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 35.16 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for SL Green. Out of 63 times, SLG closed lower 61.90% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 47.62% with an average market move of -0.58%.