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

By Shiri Gupta

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 $295.89 and $296.83 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.

In the past 52 weeks, shares of Essex Property have traded between a low of $238.06 and a high of $333.92 and closed yesterday at $298.05, which is 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has remained constant.

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.

Based on a current price of $298.05, Essex Property is currently 12.9% above its average consensus analyst price target of $259.63. The stock should find initial resistance at its 200-day moving average (MA) of $305.16 and further resistance at its 50-day MA of $309.36.

SmarTrend recommended that its subscribers protect gains by selling shares of Essex Property on November 5th, 2019 by issuing a Downtrend alert when the shares were trading at $316.77. Since that call, shares of Essex Property have fallen 6.5%. 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 essex property

Ticker(s): ESS