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Possible Bearish Inside Day Candle Pattern Detected for Equity Residenti (NYSE:EQR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Equity Residenti (NYSE:EQR) based on the price action in the company's shares. Yesterday's price range of $81.26 and $82.00 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 Residenti may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Equity Residential is a real estate investment trust. The Trust acquires, develops, and manages apartment complexes in the United States.

Based on a current price of $81.16, Equity Residenti is currently 19.0% above its average consensus analyst price target of $65.74. The stock should hit resistance at its 50-day moving average (MA) of $83.12, as well as support at its 200-day MA of $81.09.

Equity Residenti share prices have moved between a 52-week high of $89.55 and a 52-week low of $66.96 and closed yesterday at 21% above that low price at $81.16 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Equity Residenti on November 5th, 2019 by issuing a Downtrend alert when the shares were trading at $85.19. Since that call, shares of Equity Residenti have fallen 3.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle equity residenti

Ticker(s): EQR