Vornado Realty Trust

Stage 4 downtrend with sequential lower highs and lower lows confirms medium-term bearish bias. Price is relief-bouncing from extreme oversold levels but remains below the declining 9-EMA and 20-EMA, making immediate selling unfavorable. Preferred engagement is trimming exposure on rallies into the falling EMA confluence around the 36–37 area for rejection.

• ↑Q2 comparable FFO of $0.67/share (+17.5% YoY) beat by $0.10
• ↑NYC office occupancy at 92.2%, leasing momentum to lift above 93%
• ↓Q2 net income fell after reversing one-time gains; growth uncertain