I've written a few times over the past few months about how the REIT sector has continued to defy the bears by outperforming the general markets. As I was reviewing one of my bullish scans tonight I noticed these stocks continue to litter the top of this list. Despite the markets approaching some stiff resistance pretty soon, I continue to keep an open mind on stocks following through to the upside. This group would be as likely as any to lead the way if the markets manage to head higher. If the markets fail then at least this group has pretty well defined support levels to watch making it easier manage your risk.
Essex Property Trust, Inc. (Public, NYSE:ESS)
ESS recently set a higher high and appears to be pulling back for a retest of prior resistance near the low $108's. Watch ESS for a pause in this area and a possible turn higher back above $111. A break above this area would likely lead to new highs.
Vornado Realty Trust (Public, NYSE:VNO)
VNO has developed a steady pattern of flagging and then having an impulse move. The flags have been getting tighter as it progresses through its consolidation and VNO already set a new high. VNO is currently basing at an important level and would be very attractive as a long candidate if it holds its ground here and then turns higher.
Simon Property Group, Inc (Public, NYSE:SPG)
SPG continues to be one of the strongest in this sector and has actually started to trend into a pattern of higher highs and higher lows. SPG is currently in a small bull flag and could be close to a breakout.
AvalonBay Communities, Inc. (Public, NYSE:AVB)
AVB is another one to watch in this space. AVB recently emerged from a base it has been building but has quickly come back for a retest. AVB is pulling into a support level near $105 and should be watched to see if buyers support the stock in this area. A move back above $110.50 should definitely catch your attention.
Good Trading,
Joey
blog comments powered by Disqus
