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

By David Diaz

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. Yesterday's price range of $55.51 and $61.39 is within the prior day'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.

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.

Simon Property has overhead space with shares priced $56.12, or 69.3% below the average consensus analyst price target of $182.95. The stock should find initial resistance at its 50-day moving average (MA) of $93.05 and further resistance at its 200-day MA of $136.58.

Simon Property share prices have moved between a 52-week high of $186.24 and a 52-week low of $42.25 and closed yesterday at 33% above that low price at $56.12 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 7.5% while the 200-day MA has slid 1.8%.

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: bullish am inside day candle simon property

Ticker(s): SPG