ProLogis closed at $119.07 (down 1.3%) and added one more to its 4th straight day of losses

A quick look at yesterday: an influx of sellers pushed the real estate investment trust to end the session lower around $119.07, while establishing a $118.4 to $121.22 session range yesterday.

Data from United States concerning Crude Oil Inventories was released yesterday at 14:30 UTC. Newly published figures emphasized continued decline from last month's figure of -4.58 million to -5 million this month.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Core Durable Goods Orders data from United States beat analyst expectations of -0.2% with a reading of 0.3%.

Meanwhile, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.

ProLogis made an initial break below its 200 day Simple Moving Average at $119.46, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $119.44, market bears have earmarked $118.19 as the next downside target. Despite this, ProLogis's lower Bollinger Band® is at $119.18, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. ProLogis could begin to recover as it approaches significant support, now $1.19 away from $117.88. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for ProLogis.

Looking ahead, ongoing depreciation may be prolonged as today at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. Projections for United States GDP are set for a continuation of decline with two while previous data was 2.6; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.

The stock has been trending positively for about a month. Over the past 11 months, the US REIT has retreated 30.27% from a noteworthy peak of $173.