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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Essex Property (NYSE:ESS) based on the price action in the company's shares. Yesterday's price range of $253.93 and $257.38 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. Owners of Essex Property may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Essex Property have traded between a low of $175.81 and a high of $333.92 and closed yesterday at $241.90, which is 38% above that low price. The 200-day and 50-day moving averages have moved 0.22% lower and 1.33% lower over the past week, respectively.

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.

There is potential upside of 7.3% for shares of Essex Property based on a current price of $241.90 and an average consensus analyst price target of $259.63. The stock should find initial resistance at its 50-day moving average (MA) of $263.00 and further resistance at its 200-day MA of $300.66.

SmarTrend is monitoring the recent change of momentum in Essex Property. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Essex Property in search of a potential trend change.

Keywords: bearish am inside day candle essex property

Ticker(s): ESS