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

By Nick Russo

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 $171.69 and $173.53 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.

Simon Property share prices have moved between a 52-week high of $174.39 and a 52-week low of $145.78 and are now trading 18% above that low price at $171.72 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.

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. Simon Property Group serves customers in the State of Indiana.

There is potential upside of 6.5% for shares of Simon Property based on a current price of $171.72 and an average consensus analyst price target of $182.95. Simon Property shares have support at the 50-day moving average (MA) of $165.26 and additional support at the 200-day MA of $160.94.

SmarTrend is tracking the current trend status for Simon Property and will alert subscribers who have SPG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle simon property

Ticker(s): SPG