ESS breaks key support level
Essex Property Trust Inc (ESS) Technical Analysis Report for May 17, 2018
Moving lower for the 5th day in a row, ESS finished Thursday at 227.40 losing $2.73 (-1.19%). Today's closing price of 227.40 marks the lowest close since March 5th. Trading $1.62 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 229.78, the market confirms its breakout through the previous session's low having traded $2.89 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (ESS as at May 17, 2018):
Thursday's trading range was $4.49 (1.95%), that's slightly above last trading month's daily average range of $3.98. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.
Breaking below the key support level at 228.50 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Trading close to March's low at 220.32 we could see further downside momentum if potential sell stops at the level get triggered.