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May 10, 2023
A quick look at today: the US REIT closed yesterday at $125.92. today, it gained 1.72% and remained around $128.08.
New United States Crude Oil Inventories improved upon the previous -1.28 million figure while also exceeding analyst expectations with a reading of 2.95 million.
ProLogis's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories improved upon its previous reading of -1.28 million with a new data release of 2.95 million.
At the same time, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released today at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
ProLogis could be slowing down soon as it approaches resistance at $128.08. Of course, crossing it might suggest further gains are ahead. Despite posting gains on today, ProLogis slid below its 3 day Simple Moving Average at $126.85 during the last session — an early indicator that a negative trend could be emerging. ProLogis's upper Bollinger Band® is at $128.4, this is a slight indication of a slowdown.
Technical analysis suggests there could be an imminent reversal for ProLogis.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 245,000, following on from the preceding figure of 242,000. New data is set to be published tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. ProLogis hit a significant low of $98.9 around 6 months ago, but has since recovered 27.32%.
