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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 $52.99 and $53.42 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.

ProLogis share prices have moved between a 52-week high of $54.87 and a 52-week low of $35.25 and are now trading 51% above that low price at $53.27 per share. 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 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.

Based on a current price of $53.27, ProLogis is currently 10.2% above its average consensus analyst price target of $47.82. The stock should find initial support at its 50-day moving average (MA) of $43.38 and further support at its 200-day MA of $41.16.

SmarTrend recommended that subscribers consider buying shares of ProLogis on July 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.74. Since that recommendation, shares of ProLogis have risen 5.3%. We continue to monitor PLD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle ProLogis

Ticker(s): PLD