| 
April 06, 2023
A 4 day downtrend has resulted in the asset losing $2.5. Today is looking a bit better: after ending yesterday at $122.27, the real estate investment trust recovers back to $122.11 after dipping down to $121.15 today.
ProLogis's state is reflected by market data as United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts. United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts. United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1.
ProLogis is currently flirting with an active Fibonacci support level around $121.38. ProLogis's upper Bollinger Band® is at $125.42, suggesting that a downward move may follow. Despite this, ProLogis reversed direction at $121.5 support zone and climbed 61 cents above it.
Despite the market lacking direction, technical chart analysis strongly suggests ProLogis is positioned for a downward move in the near term.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 239,000, following on from the preceding figure of 311,000. New data is set to be published tomorrow at 12:30 UTC. United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.
Having soared to a high of $173 approximately 11 months ago, the real estate investment trust is now trading 29.33% lower.
