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Trading Signals

Bullish mood lifts ProLogis to session high of $127.43

06 May 2023

PLD

A quick look at yesterday: bullish sentiment helped the real estate investment trust to hammer out a noteworthy $125.84 to $127.43 range yesterday, and finally closing at $127.25 to end the session.

ProLogis's uptick comes amid good United States macroeconomic data released during the day — highly important Average Hourly Earnings data from United States beat analyst expectations of 0.3% with a reading of 0.5%. United States Non Farm Payrolls beat the 180,000 projections, with 253,000. United States Unemployment Rate beat the 3.6 projections, with 3.4.

Trend-focused traders would be interested to note that investors are seeking long positions as ProLogis price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $127.35, thereby suggesting that ProLogis is becoming overvalued. Technical analysis shows that ProLogis could be slowing down soon as it approaches resistance at $127.85. Of course, crossing it might suggest further gains are ahead.

Notwithstanding ProLogis's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

The stock has been trending positively for about a month. The US REIT is now trading 26.27% above the significant low ($98.9) it slumped to 6 months ago.

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