After Yesterday's Rally of 1.76% Shares Could Potentially Pullback
Simon Property (NYSE:SPG) traded in a range yesterday that spanned from a low of $208.00 to a high of $212.00. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $210.44 on volume of 738,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Simon Property has traded in a range of $170.99 to $214.80 and is now at $211.47, 24% above that low. 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 subscribers consider buying shares of Simon Property on June 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $200.45. Since that recommendation, shares of Simon Property have risen 3.7%. We continue to monitor SPG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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