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Possible Bearish Inside Day Candle Pattern Detected for Equity One (NYSE:EQY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Equity One (NYSE:EQY) based on the price action in the company's shares. Yesterday's price range of $28.24 and $28.79 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Equity One may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Equity One (NYSE:EQY) defies analysts with a current price ($28.30) 2.8% above its average consensus price target of $27.50. The stock should discover initial support at its 50-day moving average (MA) of $28.11 and subsequent support at its 200-day MA of $26.36.

In the past 52 weeks, shares of Equity One have traded between a low of $22.52 and a high of $29.08 and closed yesterday at $28.30, which is 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.4%.

Equity One, Inc. is a self-administered, self-managed real estate investment trust. The Trust principally acquires, renovates, develops, and manages community and neighborhood shopping centers anchored by national and regional supermarket chains. Equity One's portfolio currently consists of properties primarily located in metropolitan areas of Florida and Texas.

SmarTrend recommended that subscribers consider buying shares of Equity One on January 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.36. Since that recommendation, shares of Equity One have risen 3.4%. We continue to monitor EQY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Equity One

Ticker(s): EQY