EQR climbs to highest close since January 27, 2016


Equity Residential of Beneficial Interest (EQR) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team

Highlights

EQR rises to highest close since January 27, 2016
EQR finds buyers at key support level
EQR closes higher for the 2nd day in a row
EQR still stuck within tight trading range

Overview

Moving higher for the 2nd day in a row, EQR ended the week 0.36% higher at 78.26 after gaining $0.33 (0.42%) today, outperforming the S&P 500 (-0.16%). Today's close at 78.26 marks the highest recorded closing price since January 27, 2016.

Daily Candlestick Chart (EQR as at Jun 14, 2019):

Daily technical analysis candlestick chart for Equity Residential of Beneficial Interest (EQR) as at Jun 14, 2019

Friday's trading range has been $0.72 (0.92%), that's below the last trading month's daily average range of $1.08. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EQR. Prices continued to consolidate within a tight trading range between 76.93 and 78.52 where it has been caught now for the whole last trading week.

One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on Wednesday, EQR actually gained 0.36% on the following trading day.

After trading down to 77.80 earlier during the day, the share bounced off the key technical support level at 77.83 (S1). The failure to close below the support might increase that levels significance as support going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Equity Residential. Out of 484 times, EQR closed higher 56.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.92% with an average market move of 0.82%.


Market Conditions for EQR as at Jun 14, 2019

Loading Market Conditions for EQR (Equity Residential of Beneficial Interest)...
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EQR finds buyers at key support level

Jun 18, 2019
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