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March 01, 2023
A quick look at today: in today's bearish session, the US REIT shed around 1.84% in quick fashion, found support around the $120.84 level and finally closed at $121.13. In contrast, the day's events followed yesterday's session in which the stock closed at $123.4.
United States's Crude Oil Inventories new data released of 1.17 million below its previous figure.
United States Consumer Confidence published yesterday at 15:00 UTC came out at 102.9, falling short of the 108.5 projections and continuing its decline from the previous 106 figure.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Meanwhile, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.
ProLogis could begin to recover as it approaches significant support, now 56 cents away from $120.57. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, ProLogis peaked above its 50 day Simple Moving Average around $121.96 — typically an early indicator of a new bullish trend beginning to emerge. ProLogis's lower Bollinger Band® is at $119.53, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, price action remains constrained around the key Fibonacci level of $121.34 currently serving as support. If price action breaks below, the next Fib hurdle is $119.34.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems ProLogis is set to appreciate despite today's setback.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
This year has been a bright one for the US REIT after trading as low as $98.9 and going on to appreciate by 9.5% year to date.
