It's Time to Go Long Simon Property Group

 | Jul 09, 2018 | 12:50 PM EDT
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Simon Property Group Inc. (SPG) has made an interesting bullish reversal pattern in the past six months within a 14-month base pattern. With a breakout on the Point and Figure chart it is time to go long SPG.

In this daily bar chart of SPG, below, in late June we can see a bullish golden cross of the 50-day simple moving average line and the 200-day moving average line. The 200-day line has also turned positive with a bullish slope. The pattern from January looks like a possible cup and handle pattern. The trading volume is hard to decipher but the daily On-Balance-Volume (OBV) line has been rising from late April and tells us that buyers of SPG have been more aggressive. The trend-following Moving Average Convergence Divergence (MACD) moved above the zero line in early May for an outright go long signal.

In this weekly bar chart of SPG, below, we can see that prices are above the rising 40-week moving average line. The weekly OBV line has turned upwards in the past three months and the weekly MACD oscillator is now above the zero line. A weekly close above the December 2017 highs will be a breakout from the base pattern that started in early 2017.

In this Point and Figure chart of SPG, below, we can see a breakout from a double top at $170. A $193 price target is being projected.

Bottom line: Traders could go long SPG at current levels. Risk below $166 looking for a rally into the low $190's.

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