EQR ends the day on a bullish note closing near the high of the day
Equity Residential of Beneficial Interest (EQR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EQR ended the month -2.87% lower at 58.82 after gaining $1.15 (1.99%) today, slightly outperforming the S&P 500 (1.54%). Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (EQR as at Jun 30, 2020):
Tuesday's trading range has been $1.63 (2.82%), that's below the last trading month's daily average range of $1.99. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EQR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, EQR actually lost -2.40% on the following trading day.
Prices are trading close to the key technical resistance level at 59.60 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling could move prices lower should the market test May's close-by low at 55.49.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Equity Residential. Out of 331 times, EQR closed higher 54.98% 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 54.08% with an average market move of 0.24%.