Taubman Centers, Inc. operates as a real estate investment trust. As
of June 30, 2005, the company owned a 63% managing general partner's
interest in The Taubman Realty Group Limited Partnership (the operating
partnership). The operating partnership is a subsidiary that engages in
the ownership, management, leasing, acquisition, development, and
expansion of regional retail shopping centers and interests therein. As
of August 23, 2007, it owned and/or managed 23 urban and suburban
shopping centers in 11 states the United States. These centers are
located in metropolitan areas, including New York City, Los Angeles, San
Francisco, Denver, Detroit, Phoenix, Miami, Dallas, Tampa, Orlando, and
Washington, D.C. The operating partnership also owns certain regional
retail shopping development projects, as well as approximately 99% of
The Taubman Company LLC, which manages the shopping centers and provides
other services to the operating partnership and to the company. Taubman
Centers qualifies as a REIT under the Internal Revenue Code.
Please take a look at the 1-year chart of TCO (Taubman Centers, Inc.) below with my added notations:
TCO has been holding a very important level of support at $75 (blue)
for almost the entire duration of the 1-year chart. No matter what the
market has or has not done over that period of time, TCO has held that
$75 level. The stock approaching $75 again should provide another
bounce higher, but if the overall market continues to sell-off, TCO
could break that support.
The Tale of the Tape: TCO has a very strong level of
support at $75. A trader could enter a long position at $75 with a stop
placed under the level. If the stock were to break below the support, a
short position would be recommended instead.
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