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SL Green (SLG) Crossed Above the 200-Day Moving Average: What That Means for Investors
SL Green (SLG - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, SLG broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
SLG could be on the verge of another rally after moving 22.4% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
The bullish case only gets stronger once investors take into account SLG's positive earnings estimate revisions. There have been 4 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors may want to watch SLG for more gains in the near future given the company's key technical level and positive earnings estimate revisions.