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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Simon Property (NYSE:SPG) based on the price action in the company's shares. Today's price range of $60.50 and $62.47 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. Owners of Simon Property may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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. Simon Property Group serves customers in the State of Indiana.

There is potential upside of 201.1% for shares of Simon Property based on a current price of $60.77 and an average consensus analyst price target of $182.95. The stock should find initial resistance at its 50-day moving average (MA) of $103.57 and further resistance at its 200-day MA of $140.02.

Simon Property share prices have moved between a 52-week high of $186.40 and a 52-week low of $42.25 and are now trading 44% above that low price at $60.77 per share. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 5%.

SmarTrend is monitoring the recent change of momentum in Simon Property. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Simon Property in search of a potential trend change.

Keywords: bearish inside day candle simon property

Ticker(s): SPG