Vornado Realty Trust (VNO) is still in a downtrend but it is showing some promising developments on some of the charts and some of the indicators. Let's check it all out.
In this daily bar chart of VNO, below, we can see the pattern of lower lows and lower highs, a.k.a. a downtrend. Prices are below the declining 50-day moving average line and below the declining 200-day line. The 200-day line has been tested a number of times over the past year and each tested failed.
The volume pattern is hard to read but the daily On-Balance-Volume (OBV) line has move up and down with the price action. The Moving Average Convergence Divergence (MACD) oscillator, a trend following indicator, crossed to the upside last month for a cover shorts buy signal. This indicator is not far below the zero line and a possible outright go long signal.
In this weekly bar chart of VNO, below, we can see that prices are holding around the early 2016 low. Prices are still below the declining 40-week moving average line. Now turn your attention to the weekly OBV line which has been going up since late 2016. The movement of the OBV line suggests that significant accumulation has happened in the past year. The weekly MACD oscillator is below the zero line but could generate a cover shorts buy signal in the weeks ahead.
In this Point and Figure chart of VNO, below, we can see a small upside breakout from a triple top at $68.09. A conservative price target of $75.10 is being projected.
Bottom line: VNO is still in a downtrend but aggressive traders may want to play VNO for a bounce to the upside. Go long at current levels risking a close below $66 and book profits in the $74-$75 area.