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Possible Bearish Inside Day Candle Pattern Detected for Prologis Inc (NYSE:PLD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Prologis Inc (NYSE:PLD) based on the price action in the company's shares. Today's price range of $82.40 and $82.40 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Prologis Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Prologis, Inc. is an owner, operator, and developer of industrial real estate, focused on global and regional markets across the Americas, Europe, and Asia. The Company also leases modern distribution facilities to customers, including manufacturers, retailers, transportation companies, third-party logistics providers, and other enterprises.

Based on a current price of $82.40, Prologis Inc is currently 14.8% above its average consensus analyst price target of $70.23. The stock should discover initial support at its 50-day moving average (MA) of $78.51 and subsequent support at its 200-day MA of $70.51.

Over the past year, Prologis Inc has traded in a range of $55.21 to $83.99 and is now at $82.40, 49% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Prologis Inc on June 6th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $77.84. Since that recommendation, shares of Prologis Inc have risen 5.9%. We continue to monitor PLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle prologis inc

Ticker(s): PLD