ESS climbs to highest close since November 1, 2019
Essex Property Trust Inc. (ESS) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, ESS ended the week 2.98% higher at 324.17 after gaining $2.66 (0.83%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 324.17 marks the highest recorded closing price since November 1, 2019.
Daily Candlestick Chart (ESS as at Feb 14, 2020):
Friday's trading range has been $2.74 (0.85%), that's far below the last trading month's daily average range of $5.23. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ESS.
Prices are trading close to the key technical support level at 321.35 (S1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 312.87.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Essex Property. Out of 166 times, ESS closed higher 53.01% 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 three trading days, showing a win rate of 52.41% with an average market move of -0.02%.