Chart of the Week: Bloomberg REIT Index

The Bloomberg REIT Index, a broad based REIT Index with 160
members, is testing critical support near the 195 level (red and green lines),
notes Technimentals Kevin Lane. As seen below the rate of price change via the
RSI indicator started dropping while the index made new highs and continues to
drop.

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Bloomberg REIT Index

Bloomberg_reit_index

Source:
Technimentals

This continued weakening in momentum looks to be a negative,
particularly for a group that has had a strong multi-year run. A close below
this critical support could

lead to a hard correction here.

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