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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Equity Residenti (NYSE:EQR) based on the price action in the company's shares. Yesterday's price range of $83.52 and $84.36 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. Traders and investors interested in shares of Equity Residenti may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 21.6% above its average consensus analyst price target of $65.74. Equity Residenti shares should encounter resistance at the 50-day moving average (MA) of $86.48 and support at its 200-day MA of $80.08.

In the past 52 weeks, Equity Residenti share prices have been bracketed by a low of $63.17 and a high of $89.55 and closed yesterday at $83.85, 33% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

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: bullish am inside day candle equity residenti

Ticker(s): EQR