The last time we commented on Simon Property Group (SPG) was on the Aug 31st edition of the Daily Stock Report when the shares had experienced a 66.8% increase in price appreciation since first entering the Favored zone of the S&P 100 Index back in Nov 2020 at a price of $79.10. Today, the shares remain in the Favored Zone in the # 3 Spot at a price of $152.60 which now represents a 92.9% increase.
In looking at the Candlestick chart, we see that the shares broke out of its sideways trading range in October and gapped up on Nov 2 after a very positive earnings release subsequently marching onto even higher highs to $170.00 last month. The shares have retreated somewhat and now sit at approximately the $152.00 area where the gap up occurred. Strong support can now be found at the previous break out area of $137.00. Resistance can be found at its recent high near $170.00.
In the attached Point and Figure chart at a 2% scale, we see SPG started a new upleg back in Sept of this year and reached a high of approximately $170.00.
Most recently a downleg has materialized after this very strong move and support can now be found at the 67% retracement level of $143.24 and, below that, $132.33. Resistance can be found at the 3 box reversal of $161.31 and, above that, the recent high of $171.18.
With an SMAX of 7 out of 10, SPG is exhibiting near term strength across the asset classes.
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