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Simon Property Falls 2.25% on Heavy Volume: Watch For Potential Rebound

By Shiri Gupta

Simon Property (NYSE:SPG) traded in a range yesterday that spanned from a low of $157.48 to a high of $160.93. Yesterday, the shares fell 2.2%, which took the trading range below the 3-day low of $161.01 on volume of 795,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Simon Property has traded in a range of $150.15 to $229.10 and is now at $157.62, 5% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.2%.

SmarTrend is tracking the current trend status for Simon Property and will alert subscribers who have SPG in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders simon property

Ticker(s): SPG