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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Equity Residenti (NYSE:EQR) based on the price action in the company's shares. Today's price range of $83.73 and $84.11 is within yesterday'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. Owners of Equity Residenti may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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 are now at $83.93, 33% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

Equity Residenti (NYSE:EQR) is currently priced 21.7% above its average consensus analyst price target of $65.74. Equity Residenti shares should encounter resistance at the 50-day moving average (MA) of $86.45 and support at its 200-day MA of $80.14.

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: bearish inside day candle equity residenti

Ticker(s): EQR