Friday at a glance: an influx of sellers pushed the US REIT to session lows around $129.95 while establishing a $129.95 to $132.82 session range Friday.
Technical chart analysis shows ProLogis could begin to recover as it approaches significant support, now $1.51 away from $130.11. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that ProLogis made an initial break below its 5 day Simple Moving Average at $130.46, a possible indication of a forthcoming negative trend.
Overall, the technical outlook suggests ProLogis is likely to remain muted for the immediate future, with no clear-cut direction.
ProLogis was not the only decliner in the real estate sector; American Tower Corporation (REIT) went down to $222.06, losing 2.34% after it closed at $227.39 Friday.
Furthermore, United States Fed Chair Powell speech set for tomorrow at 17:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
The stock has been trending positively for about a month. The real estate investment trust has gained 16.38% since its lowest print of $98.9 earlier this year.