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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Simon Property (NYSE:SPG) based on the price action in the company's shares. Today's price range of $183.46 and $186.03 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 Simon Property may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 22.6% exists for Simon Property, based on a current level of $185.25 and analysts' average consensus price target of $227.12. The stock should find initial resistance at its 200-day moving average (MA) of $192.44 and further resistance at its 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.

In the past 52 weeks, shares of Simon Property have traded between a low of $170.99 and a high of $229.10 and are now at $185.25, which is 8% above that low price. The 200-day and 50-day moving averages have moved 0.25% higher and 0.67% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Simon Property on August 11th, 2016 by issuing a Downtrend alert when the shares were trading at $216.26. Since that call, shares of Simon Property have fallen 15.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle simon property

Ticker(s): SPG