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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 3/28/2024 -
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Essex Property Trust Inc (ESS) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is overboughtOversold sector
Daily :MACD bearish divergenceThe price has risen above the Parabolic SARThe price touches the upper Bollinger BandThe Bollinger Bands are historically close together
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It was a second consecutive positive week for the Essex Property Trust Inc (ESS). During the week, the ESS gained 2.82 points, or 1.17%, and closed at 244.81 on Thursday, March 28, 2024. Weekly volume was -23% below average.

ESS is a member of Real Estate Sector. Real Estate is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See ESS long-term trend chart]
A long-term uptrend had started on March 24, 2023 at 195.03 and reached 252.85 on December 28, 2023. ESS gained -57.82 points, or -29.65%, in 39 weeks. The price is now at the 13.91% retracement level.

Medium-term trend: [See ESS medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 203.85 and reached 252.85 on December 28, 2023. ESS gained -49.00 points, or -24.04%, in 8 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 231.22 and resistance is at 246.22. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a medium-term trend.

Weekly Technical Indicators: [See ESS weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.

The weekly MACD line is above its signal line since March 1, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.

Short-term trend: [See ESS short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 223.06 and reached 247.61 on March 11, 2024. ESS gained -24.55 points, or -11.01%, in 27 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 236.88 and resistance is at 258.24. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See ESS daily technical indicators chart]
Daily technical indicators are neutral. Daily MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

The daily MACD line is above its signal line since March 27, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price touches the upper Bollinger Band. The distance between the Bollinger Bands (4.85%) is close to one year low (4.74%). It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 49.17
Williams' Percentage Range (W%R) 20.60
Lane's Stochastic (%D-Slow) 63.04
Greed/Fear Indicator (GFI) 63.88
Moving Average Converg./Diverg. (MACD) 1.47 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.30
Williams' Percentage Range (W%R) 19.70
Overbought
Lane's Stochastic (%D-Slow) 56.44
Greed/Fear Indicator (GFI) 61.68
Moving Average Converg./Diverg. (MACD) 2.93
Trading Signals
Description Value Chart
Weekly Trendline Resistance 258.24
Monthly Trendline Resistance 246.22
Upper Bollinger Band 245.46
Price 244.81
Daily Stochastic Crossing 241.18
20 Day Moving Average 240.87
Weekly Stochastic Crossing 239.20
Weekly Trendline Support 236.88
50 Day Moving Average 236.17
Parabolic System 234.13
Lower Bollinger Band 233.60
Monthly Trendline Support 231.22
Sector and Industry
Description Name Rank
Sector Real Estate 2
Industry REIT - Residential 49
Daily Trend
Description Value
Direction Down
Chart Pattern Symmetric Triangle
High 247.61
High Date 03/11/2024
Low 234.36
Low Date 03/20/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 258.24
Support 236.88
Low 223.06
Low Date 02/13/2024
High 247.61
High Date 03/11/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Valid
Resistance 246.22
Support 231.22
Low 203.85
Low Date 10/27/2023
High 252.85
High Date 12/28/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 195.03
Low Date 03/24/2023
High 252.85
High Date 12/28/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 334.17
High Date 10/22/2019
Low 195.03
Low Date 03/24/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.