ESS finds support at 20-day moving average

Essex Property Trust Inc. (ESS) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team


ESS finds support at 20-day moving average
ESS closes within previous day's range


ESS ended the week -1.35% lower at 322.63 after losing $1.39 (-0.43%) today, slightly underperforming the S&P 500 (-0.07%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (ESS as at Sep 13, 2019):

Daily technical analysis candlestick chart for Essex Property Trust Inc. (ESS) as at Sep 13, 2019

Friday's trading range has been $5.70 (1.77%), that's above the last trading month's daily average range of $4.24. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for ESS.

Four candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Southern Doji showed up on May 30th, ESS gained 2.20% on the following trading day.

After trading as low as 319.00 during the day, the share found support at the 20-day moving average at 320.97.

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

Buying could speed up should prices move above the nearby swing high at 326.62 where further buy stops might get activated.

Among the seven 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 Essex Property. Out of 514 times, ESS closed higher 58.56% 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 61.28% with an average market move of 0.79%.

Market Conditions for ESS as at Sep 13, 2019

Loading Market Conditions for ESS (Essex Property Trust Inc.)...
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