Is the bullish run coming to an end? ProLogis closed at $124.31 (-0.51%)

Though in the midst of a 4 day uptrend, gaining a total of 2.72%, ($3.93), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. Despite the risk-off mood, ProLogis was range-bound between $124.1 to $126.43 and settled at $124.31.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Consumer Confidence beat the 99 projections, with 102.3.

Meanwhile, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) released yesterday at 13:00 UTC with a figure of -1.1, while the previous figure was 0.4.

ProLogis made an initial break below its 21 day Simple Moving Average at $124.23, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $124.77 currently serving as support. If price action breaks below, the next Fib hurdle is $120.7. On the other hand, note that ProLogis could begin to recover as it approaches significant support, now 85 cents away from $123.46. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts ProLogis to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the US REIT is expected to attract significant bearish sentiment in the coming days.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to decline to 235,000 while previous data was 229,000; data will be released tomorrow at 12:30 UTC.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Furthermore, United States ADP Nonfarm Employment Change (May) scheduled to come out tomorrow at 12:15 UTC.

The stock has been trending positively for about 2 months. ProLogis hit a significant low of $98.9 around 7 months ago, but has since recovered 26.34%.