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

By James Quinn

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 $86.23 and $86.78 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.

Equity Residenti (NYSE:EQR) is currently priced 23.4% above its average consensus analyst price target of $65.74. Equity Residenti shares have support at the 50-day moving average (MA) of $82.54 and additional support at the 200-day MA of $82.22.

Equity Residenti share prices have moved between a 52-week high of $89.55 and a 52-week low of $71.87 and closed yesterday at 19% above that low price at $85.79 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has risen 0.2%.

SmarTrend is tracking the current trend status for Equity Residenti and will alert subscribers who have EQR in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle equity residenti

Ticker(s): EQR