ProLogis near Key Resistance Area

Published on Friday, 13 January 2012 08:12 Written by TradersHuddle Staff

New York, January 13th (TradersHuddle.com) - Shares of ProLogis (NYSE:PLD) are trading very close to calculated resistance at $29.85 with the current price action closing at just $29.72 placing the stock near levels that make it difficult to buy.

ProLogis (NYSE:PLD) provides distribution facilities and services. The Company has distribution facilities owned, managed, and under development in various markets throughout North America, Europe, and Asia. ProLogis leases industrial space to a wide variety of end uses, including distribution and manufacturing.

ProLogis' current stock range is defined by current calculated support defined at $28.16 and by the resistance level at $29.85, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for ProLogis , as the stock is well above support, however, as the stock pulls back towards $28.16 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $29.85 then traders will get an opportunity to enter ProLogis stock by establishing a position as the stock moves to a higher range.