Head And Shoulders Top In The Reits (DJR)
Today the reits (DJR) were one of the weakest groups. Notice in the above chart the reit index has a "potential" Head and Shoulders topping pattern. A move below the neckline (315 area) would confirm the pattern and project a downside target to about 275. I know this target of 275 is quite a drop, but that's what the chart is telling me.
Some of the weak reits today were: GGP down 3.8%, SPG down 2.24%, PLD down 2.49% and VNO down 2.04%
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2 comments:
Interesting. I did not plan to short REITs but I'll start watching them.
As many people will switch from own to rent the residential REITs should look ok. At the same time the business cycle for commercial and office space is over and the only way is down.
I even can say:
"As many MILLIONS of people will switching from own to rent"
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