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June 06, 2023A quick look at today: ProLogis rallied 0.96% and ended the session at $125.83.
ProLogis is currently trading at $125.83 following the release of EIA Short-Term Energy Outlook data from the United States.
Meanwhile, United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of -1.71 million, while the previous figure was 5.20 million.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $127.59, thereby suggesting that ProLogis is becoming overvalued. ProLogis reversed direction at $125.62 resistance zone and retreated back 21 cents below it.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest ProLogis is set for a reversal in the coming days.
Also worthy of note, tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.15 million from the preceding figure of 4.49 million.
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%.
