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Look for Shares of Simon Property to Potentially Pullback after Yesterday's 3.89% Rise

By Shiri Gupta

Simon Property (NYSE:SPG) traded in a range yesterday that spanned from a low of $56.61 to a high of $60.54. Yesterday, the shares gained 3.9%, which took the trading range above the 3-day high of $60.50 on volume of 6.4 million 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, Simon Property share prices have been bracketed by a low of $42.25 and a high of $177.93 and are now at $57.22, 35% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 5.9%.

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