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Look for Shares of Eastgroup Prop to Potentially Pullback after Yesterday's 1.69% Rise

By James Quinn

Eastgroup Prop (NYSE:EGP) traded in a range yesterday that spanned from a low of $123.96 to a high of $125.48. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $125.42 on volume of 84,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Eastgroup Prop share prices have been bracketed by a low of $87.69 and a high of $127.97 and are now at $125.32, 43% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.7%.

SmarTrend recommended that subscribers consider buying shares of Eastgroup Prop on July 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $118.63. Since that recommendation, shares of Eastgroup Prop have risen 3.8%. We continue to monitor EGP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders eastgroup prop

Ticker(s): EGP