Nov 10, 2010 (SmarTrend(R) News Watch via COMTEX) -- Boston Properties (NYSE:BXP) traded in a range yesterday that spanned from a low of $84.76 to a high of $89.03. Yesterday, the shares fell 4.43%, which took the trading range below the 3-day low of $87.74 on volume of 2.1 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
Shares of Boston Properties are currently trading below their 50-day moving average (MA) of $86.32 and should find support at their 200-day MA of $78.26. Look for the MA to provide resistance for a short-term rebound in the shares.
SmarTrend remains bearish over the intermediate term on shares of Boston Properties and our subscribers were alerted to Sell on October 29, 2010 at $86.05. The stock has fallen 0.8% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $87.74 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend REIT- Office industry.
Grandpa: BXP even after yesterday's selling is up 26% YTD.