Bullish phase under threat as ProLogis stays range-bound

On a 4 day uptrend, Yesterday's session put the brakes on the ongoing uptrend — a tough start to the session saw price action reach a low of $119 before closing at $120.6.

United States Fed Chair Powell speech is next.

This uncertain state for ProLogis is reflected by published market data as United States Crude Oil Inventories fell short of the -1.76 million projections, with new data of -9.60 million. United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.

ProLogis is climbing away and is now $1.23 from the $119.37 support line. ProLogis made an initial breakout above its 10 day Simple Moving Average at $120.49, a potential indicator of a newly emerging bullish phase. Despite this, 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. ProLogis is currently flirting with an active Fibonacci support level around $119.62.

Despite muted price action in ProLogis, chart analysis indicates it is positioned for a bullish run in the short term.

Data to be released today might clear up some of the market fog as United States GDP projected to decline to 1.4 while previous data was 2.6; data will be released today at 12:30 UTC. United States Initial Jobless Claims projected to come out at 266,000 — worse than previous data of 264,000; data will be released today at 12:30 UTC. United States Core PCE Price Index (MoM) (May) is expected tomorrow at 12:30 UTC.

On a negative trend for around a month. ProLogis hit a significant low of $98.9 around 8 months ago, but has since recovered 22.21%.