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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 $157.09 and $159.31 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.

There is potential upside of 34.1% for shares of Simon Property based on a current price of $158.14 and an average consensus analyst price target of $212.00. Simon Property shares should first meet resistance at the 200-day moving average (MA) of $192.44 and find additional resistance at the 50-day MA of $202.88.

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 share prices have moved between a 52-week high of $229.10 and a 52-week low of $150.15 and are now trading 5% above that low price at $158.14 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.7%.

SmarTrend recommended that its subscribers protect gains by selling shares of Simon Property on April 26th, 2017 by issuing a Downtrend alert when the shares were trading at $166.30. Since that call, shares of Simon Property have fallen 3.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle simon property

Ticker(s): SPG