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Simon Property Rises 3.89% on Heavy Volume: Watch For Potential Pullback

By Amy Schwartz

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.

Over the past year, Simon Property has traded in a range of $42.25 to $177.93 and is now at $57.22, 35% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 5.9% while the 200-day MA has slid 1.2%.

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