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March 09, 2023
Yesterday at a glance: after ending Tuesday at $123.82, ProLogis went up to $125.86 only to drop back, yet still traded well overall and closed at $125.06 yesterday.
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
ProLogis's uptick comes amid disappointing United States macroeconomic data released during the session – United States Crude Oil Inventories published yesterday at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure.
Meanwhile, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.
ProLogis made an initial breakout above its 10 day Simple Moving Average at $123.83, a potential indicator of a newly emerging bullish phase. On the other hand, note that ProLogis could be slowing down soon as it approaches resistance at $126.19. Of course, crossing it might suggest further gains are ahead.
Examining the technical analysis landscape, ProLogis might continue its downtrend in the short term.
Furthermore, the market is looking at projections for United States Non Farm Payrolls are set for a continuation of decline with 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 190,000; data will be released today at 13:30 UTC.
Furthermore, the market is looking at United States Unemployment Rate is expected tomorrow at 13:30 UTC.
Pointing downwards for around a month. The real estate investment trust has managed to gain 11.1% so far this year despite trading at lows around $98.9 previously.
