After closing yesterday at $112.31, ProLogis spiked to $114.58 before giving back its gains and closing the session at $114.16.
ProLogis is currently trading at $114.16 following the release of Existing Home Sales (Oct) data from the United States.
ProLogis's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims beat analyst expectations of 225,000 and the previous reading of 226,000 with new data of 222,000.
At the same time, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2.
Although up today, early price action saw ProLogis dropping below its 5 day Simple Moving Average at $113.47 — an early indicator that a new downward trend could be emerging. ProLogis could be slowing down soon; it is getting close to the resistance line and is now at $115.15, only 99 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems ProLogis is likely to reverse course and start pointing down in the short term.
While ProLogis is higher so far today, these real estate stocks are struggling: American Tower Corporation (REIT) is down to $215.37, losing 0.45%, after ending yesterday at $216.34.
The stock has been trending positively for about a month. ProLogis hit a significant low of $98.9 around a month ago, but has since recovered 13.56%.