Interesting Technical Analysis finding for PROLOGIS INC (NYSE:PLD)

A possible breakout setup was detected on PROLOGIS INC (NYSE:PLD) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:PLD.

Deciphering the Technical Picture of NYSE:PLD

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall PLD gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, PLD is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• PLD is part of the Diversified REITs industry. There are 128 other stocks in this industry. PLD outperforms 90% of them.
• PLD is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so PLD is lagging the market slightly.
• In the last month PLD has a been trading in the 125.31 - 134.23 range, which is quite wide. It is currently trading near the high of this range.
• When comparing the yearly performance of all stocks, we notice that PLD is one of the better performing stocks in the market, outperforming 77% of all stocks. However, this relatively good performance is mostly due to a recent big move.

For an up to date full technical analysis you can check the technical report of PLD

How do we evaluate the setup for NYSE:PLD?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:PLD is 9:

Besides having an excellent technical rating, PLD also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 134.27. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 131.70, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PLD in the last couple of days, which is a good sign.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.