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Possible Bearish Inside Day Candle Pattern Detected for Simon Property (NYSE:SPG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Simon Property (NYSE:SPG) based on the price action in the company's shares. Today's price range of $204.18 and $206.08 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 Simon Property may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 10.8% exists for Simon Property, based on a current level of $204.98 and analysts' average consensus price target of $227.12. The stock should discover initial support at its 50-day moving average (MA) of $202.88 and subsequent support at its 200-day MA of $192.44.

In the past 52 weeks, Simon Property share prices have been bracketed by a low of $170.99 and a high of $214.80 and are now at $204.98, 20% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.2%.

Simon Property Group, Inc. is a self-administered and self-managed, real estate investment trust. The Company owns, develops, and manages retail real estate properties including regional malls, outlet centers, community/lifestyle centers, and international properties.

SmarTrend is monitoring the recent change of momentum in Simon Property. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Simon Property in search of a potential trend change.

Keywords: bearish inside day candle simon property

Ticker(s): SPG