Yesterday at a glance: the real estate investment trust dropped 2.29% early on and traded close to the $114.26 level.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Factory Orders improved upon its previous reading of 0.3% with a new data release of 1%. United States ISM Non-Manufacturing Employment (Nov) released yesterday at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
ProLogis made an initial break below its 10 day Simple Moving Average at $115.43, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $113.91 currently serving as support. If price action breaks below, the next Fib hurdle is $112.54. Despite this, ProLogis could begin to recover as it approaches significant support, now 85 cents away from $113.41. Dipping below could be an indication that further losses are ahead.
In the short term, ProLogis is expected to maintain its recent downtrend and continue spiralling lower.
ProLogis was not the only decliner in the real estate sector; American Tower Corporation (REIT) went down 1.71%, closed at $219.37.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook scheduled to come out today at 17:00 UTC.
The stock has been trending positively for about a month. Having set a significant high of $173 a month ago, the US REIT is trading 18.24% lower.