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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 $55.88 and $56.63 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 Residenti (NYSE:EQR) has potential upside of 24.4% based on a current price of $56.17 and analysts' consensus price target of $69.90. The stock should find initial resistance at its 50-day moving average (MA) of $72.05 and further resistance at its 200-day MA of $75.31.

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 $54.97 and a high of $71.53 and closed yesterday at $56.17, 2% above that low price. The 200-day and 50-day moving averages have moved 0.13% lower and 0.41% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Equity Residenti on November 28th, 2017 by issuing a Downtrend alert when the shares were trading at $67.23. Since that call, shares of Equity Residenti have fallen 16.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle equity residenti

Ticker(s): EQR