Today at a glance: after closing at $108.93 today, ProLogis maintained a strong bullish bias that helped the stock close higher at $108.93. However, market bears ensured the ProLogis topped out at $109.38 and that by the end of the session, the market had marked out a distinct $107.12 to $109.38 range.
ProLogis could be slowing down soon as it approaches resistance at $109.58. Of course, crossing it might suggest further gains are ahead. Despite posting gains on today, ProLogis slid below its 10 day Simple Moving Average at $108.72 during the last session — an early indicator that a negative trend could be emerging.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates ProLogis is set for a reversal in the coming days.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
ProLogis reached a significant high of $173 around 6 months ago but has lost 37.8% since then.