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Possible Bullish Inside Day Candle Pattern Detected for Essex Property (NYSE:ESS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Essex Property (NYSE:ESS) based on the price action in the company's shares. Yesterday's price range of $322.30 and $322.30 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 Essex Property may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Essex Property has traded in a range of $271.58 to $333.92 and closed yesterday at $326.33, 20% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.2%.

Essex Property (NYSE:ESS) is currently priced 20.4% above its average consensus analyst price target of $259.63. The stock should discover initial support at its 200-day moving average (MA) of $309.10 and subsequent support at its 50-day MA of $307.04.

Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust company. The Company specializes in acquiring, developing, and managing multifamily residential properties. Essex has ownership interests in residential properties and commercial properties located in the States of California and Washington.

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

Keywords: bullish am inside day candle essex property

Ticker(s): ESS