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June 22, 2023
While on a 3 day downtrend With a marginal improvement upon yesterday's session, ProLogis recovered back to $120.69 after dipping down to $119.67, in a session that followed Tuesday's $120.84 close value.
United States Fed Chair Powell testimony is next.
ProLogis's state is reflected by market data as new United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000). United States Current Account (Q1) released today at 12:30 UTC with a figure of -219.3 billion, while the previous figure was -216.2 billion. United States API Weekly Crude Oil Stock came out at -1.25 million, while a consensus of analysts was expecting -433,000.
ProLogis's upper Bollinger Band® is at $127.22 and the lower is $118.68. ProLogis is approaching key support, around $1.67 away from $119.02. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
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 Crude Oil Inventories projected to decline to 1.87 million while previous data was 7.92 million; data will be released today at 15:00 UTC. United States Services PMI is expected tomorrow at 13:45 UTC. United States Existing Home Sales (May) is expected today at 14:00 UTC.
Pointing downwards for around a month. ProLogis hit a significant low of $98.9 around 8 months ago, but has since recovered 22.18%.
