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Interesting Technical Analysis finding for SL GREEN REALTY CORP (NYSE:SLG)

By Mill Chart

Last update: Mar 19, 2024

We've identified SL GREEN REALTY CORP (NYSE:SLG) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:SLG for further developments.

SLG Daily chart on 2024-03-19

In-Depth Technical Analysis of NYSE:SLG

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, SLG scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, SLG is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that SLG is one of the better performing stocks in the market, outperforming 96% of all stocks. We also observe that the gains produced by SLG over the past year are nicely spread over this period.
  • SLG is one of the better performing stocks in the Diversified REITs industry, it outperforms 99% of 128 stocks in the same industry.
  • SLG is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
  • SLG is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

Check the latest full technical report of SLG for a complete technical analysis.

How do we evaluate the setup for NYSE:SLG?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:SLG this score is currently 10:

SLG has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 51.77. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 49.35, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SLG in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:SLG be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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SL GREEN REALTY CORP

NYSE:SLG (5/17/2024, 7:26:37 PM)

After market: 52.99 0 (0%)

52.99

-0.18 (-0.34%)

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