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

By Nick Russo

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 $85.03 and $85.78 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. 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.

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 $85.50, 35% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.2%.

Equity Residenti (NYSE:EQR) defies analysts with a current price ($85.50) 23.1% above its average consensus price target of $65.74. The stock should find resistance at its 50-day moving average (MA) of $86.53, as well as support at its 200-day MA of $78.96.

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