ProLogis traded at $112.24 after making its biggest single-day drop of $5.56 (4.72%) since Sep 13.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. ProLogis bounced $1.07 away from Fibonacci support at $111.17. Asset volatility analysis shows that ProLogis's lower Bollinger Band® is at $110.9, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of ProLogis's chart reveals various key levels to watch: ProLogis could begin to recover as it approaches significant support, now $2.04 away from $110.2. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates ProLogis will remain range-bound for the immediate future.
Furthermore, United States Building Permits (Nov) is expected tomorrow at 13:30 UTC.
ProLogis hit a significant low of $98.9 around 2 months ago, but has since recovered 19.11%.