A 52 Week High for Simon Property, will it Hold?

Published on Wednesday, 25 January 2012 12:34 Written by Danny Miller

New York, January 25th (TradersHuddle.com) - Shares of Simon Property Group, Inc. (NYSE:SPG) booked a new 52 week high today by trading above $133.74, 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 -0.13% versus its previous trading session close, and it has calculated support and resistance at $115.21 and $131.92 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 lower by -0.31% from its previous trading close, which means that Simon Property stock is outperforming the overall market.