Shopping mall owner Simon Property Group continues to climb within the Green Favored Zone in the SIA S&P 100 Index Report. Yesterday it moved up another two spots to 11th place and it has climbed 36 spots in the last month.
A major breakout is underway in Simon Property Group (SPG) shares. With the exception of a brief spike in June, SPG shares spent March through October building a large Ascending Triangle base for recovery. Earlier this month, the shares broke out over $70.00 to complete the base, successfully retested that breakout point as new support and yesterday closed above $80.00, all combining to signal increased accumulation and the start of a new uptrend.
Next potential resistance appears in the $92.00 to $100.00 zone where multiple measured moves, the June high, an old gap, and a round number cluster together. Initial support moves up toward $75.00 from $70.00.
After an initial recovery rally faltered back in June, Simon Property Group (SPG) spent the summer consolidating and building a base for its next move. This month, accumulation has resumed with the shares rallying from near $60.00 toward $80.00 and completing a bullish Spread Double Top pattern followed by a bullish Double Top breakout yesterday.
Currently, the shares are bumping up against initial resistance near $81.40 where a downtrend line and a previous column low converge. A breakout over $83.00 would snap the downtrend and confirm the start of a new uptrend. Should that occur, next potential upside resistance tests may appear at the June peak near $93.50, then the $$99.50 to $101.50 zone where vertical and horizontal counts converge with the $100.00 round number. Initial support appears near $73.75 based on a 3-box reversal.
With its bullish SMAX score increasing to 9, SPG is exhibiting near-term strength against the asset classes.
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