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

By Shiri Gupta

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 $69.63 and $70.58 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) is currently priced 6.1% above its average consensus analyst price target of $65.74. The stock should discover initial support at its 50-day moving average (MA) of $67.23 and subsequent support at its 200-day MA of $64.45.

In the past 52 weeks, shares of Equity Residenti have traded between a low of $54.97 and a high of $72.75 and closed yesterday at $70.02, which is 27% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.4%.

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

SmarTrend recommended that subscribers consider buying shares of Equity Residenti on October 30th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $66.29. Since that recommendation, shares of Equity Residenti have risen 4.8%. We continue to monitor EQR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle equity residenti

Ticker(s): EQR