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May 17, 2023
ProLogis is in the midst of a 5 day downtrend. Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $121.25, ProLogis is up to $122.11, which makes for a move of 0.71%/86 cents today.
New United States Crude Oil Inventories improved upon the previous 2.95 million figure while also exceeding analyst expectations with a reading of 5 million.
ProLogis's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories beat analyst expectations of -920,000 and the previous reading of 2.95 million with new data of 5 million.
On the flip side, United States Retail Sales released earlier showed a marked improvement to 0.4% from the preceding data of -0.7%, but fell short of the 0.8% figure forecast by a consensus of market analysts.
At the same time, United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million.
ProLogis's lower Bollinger Band® is at $119.34, indicating that the market is oversold and fertile for new buyers. On the other hand, note that ProLogis could be slowing down soon; it is getting close to the resistance line and is now at $123.87, only $1.76 away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts ProLogis to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the real estate investment trust is expected to pick up significant bullish sentiment in the coming days.
Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 254,000, having previously been at 264,000. The figure will be published tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (May) will be released tomorrow at 12:30 UTC. United States Existing Home Sales (Apr) is scheduled for tomorrow at 14:00 UTC.
Trading mostly sideways for a month. ProLogis hit a significant low of $98.9 around 7 months ago, but has since recovered 22.6%.
