Mack-Cali Realty Corp. ($CLI) has enjoyed an 18% rally over the last two months, and has recently pulled back from highs. Since every pull-back during this time has offered a nice opportunity to buy at a discount, we could see another round of buying soon…
Buy Signal
The Modified PEMA Crossover has fired a buy signal after today’s trading in $CLI. As you may know, this signal is great for spotting highly confirmed pull-back opportunities within trending markets.
To read more about this signal, CLICK HERE.
While $CLI has pulled back four of the last five days, it remains within a highly bullish trend. Moreover, price held prior resistance at $34, thereby marking this level as new support.
If price can continue to hold above $34, we could see a rally to a new high, likely toward a swing target of $35.75.
Golden Pivot Zone
Mack-Cali has also found support at the monthly Golden Pivot Zone (GPZ). For those you that have read my book, Secrets of a Pivot Boss, you know that the GPZ offers one of the strongest forms of pivot-based confluence. A GPZ occurs when a pivot-based support level from another indicator (like the Camarilla Equation) is within the boundaries of the pivot range, thereby forming a solid range of support or resistance.
During trending markets, like the one $CLI is currently experiencing, this zone can serve as a major source of support.
If price crosses through the top of the GPZ at $34.60 tomorrow, we could see a very nice swing buying opportunity on our hands, especially if $34 continues to hold.
Let’s see how this one plays out!
Cheers!
Frank Ochoa
PivotBoss.com
Follow Frank on Twitter: http://twitter.com/PivotBoss
