REG - Large Symmetrical TriangleWeekly chart for REG
A large symmetrical triangle is evident
Within this triangle a channel can be drawn around an inverted H&S pattern
This H&S structure is poised to form its right shoulder, which is a bullish part of the pattern
This formation will ultimately lead to the breakout of the larger symmetrical triangle aswell
Bullish price action plotted with bars pattern in green
REG trade ideas
$REG Bull Flag Breakout?$REG is in the hot real estate sector. It looks to me like it's getting ready for another move higher. I have made what I feel are important notes on the chart. Regency reports earnings on August 5th. I'll be looking to go long with a half position size if it continues to move out of this flag. If it can break above the area of resistance outlined above prior to earnings I may add. All TBD. Ideas, not investing / trading advice.
Last earnings as reported on earningswhispers.com:
Regency Realty Raises Guidance
Regency Centers (REG) reported 1st Quarter March 2021 earnings of $0.90 per share on revenue of $274.7 million. The consensus earnings estimate was $0.75 per share on revenue of $252.8 million. Revenue fell 3.2% compared to the same quarter a year ago.
The company said it expects 2021 funds from operations of $3.33 to $3.43 per share. The company's previous guidance was FFO of $2.96 to $3.14 per share and the current consensus FFO estimate is $3.11 per share for the year ending December 31, 2021.
Regency Centers Corp is a real estate investment trust and is a grocery-anchored shopping center company. The Company leases space in its shopping centers to grocery stores, retail anchors, restaurants, side-shop retailers, and service providers.
REG approaching long-term support. Buy and hold opportunity.REG is a REIT with a solid ~6% dividend, that is approaching long-term support at $35.16. This is the same support level used during the Great Recession to springboard into their previous bull run. It we see a bounce off of support, this buy and hold stock will offer us a great risk/reward opportunity.
NOTE: Not trading advice. Please research your trades accordingly.