Simon Property Group Inc. - (SPG) - July 21, 2023
Shopping mall owner Simon Property Group (SPG) has been climbing back up the rankings in the SIA S&P 100 Index Report for a month now, exiting the red zone and recently returning to the Green Favored Zone for the first time since March. Simon is currently in 25th position, up 29 spots in the last month.
Signs of accumulation continue to emerge in Simon Property Group (SPG) shares.
A long-term downtrend bottomed out last October, and since then, SPG has been base building. Following an initial rally and correction, support emerged at a higher low near $100.00 that was successfully retested. Since then, the shares have launched into a new upswing, rallying and then retesting their breakout point as new support, most recently near $120.00.
Initial resistance appears at the winter peak just below $130.00. A breakout there would complete a pending bullish ascending triangle pattern and confirm the start of a new advance. Should that occur, next resistance may appear in the $150.00 to $160.00 range where a round number, the late 2021 peak and a measured move converge.
A year-long downtrend in Simon Property Group (SPG) shares bottomed out in October of 2022 when the selloff was contained by a long-term, 45-degree trend support line. A winter rally struggled with resistance just below $130.00, then the ensuing correction bottomed out in a bear trap near $100.00. Since establishing a higher low last month, SPG has been under renewed accumulation, completing a bullish Double Top breakout and retaking $120.00.
Initial resistance appears near $129.35 where a breakout would complete a pending spread triple top pattern and confirm the start of a new upswing. Should that occur, next resistance on trend may appear near $142.80 based on a horizontal count, or $154.60, based on the November 2021 peak. Initial support appears near $112.80 based on a 3-box reversal.
With a perfect SMAX score of 10, SPG has been exhibiting strength across the asset classes.
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