Simon Property @ Year Highs

Published on Thursday, 02 September 2010 12:39 Written by Christopher Lynn

New York, September 2nd (TradersHuddle.com) - Shares of Simon Property Group, Inc. (NYSE:SPG) booked a new 52 week high today by trading above $94.49, traders are definitely monitoring Simon's price action to see if this move attracts further buying into the stock.

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed, real estate investment trust. The Company owns, develops, and manages retail real estate properties including regional malls, outlet centers, community/lifestyle centers, and international properties.

Simon Property is currently trading 1.81% versus its previous trading session close, and it has calculated support and resistance at $86.62 and $91.26 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 0.51% from its previous trading close, which means that Simon Property stock is outperforming the overall market.