REG breaks below 20-day moving average
Regency Centers Corporation (REG) Technical Analysis Report for Sep 14, 2018
REG ended the week -0.75% lower at 64.65 after tanking $1.12 (-1.7%) today. This is the biggest single day loss in over a week. Today's closing price of 64.65 marks the lowest close since August 16th. Trading $0.54 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 65.21, the share confirms its breakout through the prior session's low having traded $0.81 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $1.57 (2.4%), that's far above last trading month's daily average range of $0.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Breaking below the key support level at 64.98 today, it is now likely to act as resistance going forward. Regency Centers ran into sellers again today around 65.97 for the third trading day in a row after having found sellers at 66.02 in the previous session and at 65.86 two days ago. After spiking up to 65.97 during the day, the stock found resistance at the 20-day moving average at 65.48.
Although REG is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The market broke below the 20-day moving average at 65.48 today for the first time since September 12th.
While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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