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Possible Bullish Inside Day Candle Pattern Detected for ProLogis (NYSE:PLD)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in ProLogis (NYSE:PLD) based on the price action in the company's shares. Today's price range of $47.03 and $47.80 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. Traders and investors interested in shares of ProLogis may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, ProLogis has traded in a range of $35.25 to $50.74 and is now at $47.30, 34% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.5%.

ProLogis has overhead space with shares priced $47.30, or 1.1% below the average consensus analyst price target of $47.82. The stock should discover initial support at its 50-day moving average (MA) of $43.38 and subsequent support at its 200-day MA of $41.16.

ProLogis provides distribution facilities and services. The Company has distribution facilities owned, managed, and under development in various markets throughout North America, Europe, and Asia. ProLogis leases industrial space to manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs.

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

Keywords: bullish inside day candle ProLogis

Ticker(s): PLD