The Greedy Trader Weekly Analysis
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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.
Technical analysis of stock trend chart following long term trend analysis and trend following indicator for broken resistance trend trading. Stock trend analysis and broken resistance trend following indicators.
trend trading,trend following,stock trend chart,technical analysis of stock trend,trend following indicator,following long term trend,Broken Resistance

Essex Property Trust Inc (ESS)

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Summary:
Weekly :Trend support at 214.41Broken trend support line
Daily :Williams' Percentage Range is oversoldStochastic signal line moved above oversold areaLane's Stochastic and MACD bullish divergenceA Parabolic SAR indicator is below and near the pricePrice is close to the 50 Day Moving Average
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It was a first positive week for the Essex Property Trust Inc (ESS). During the week, the ESS climbed 0.60 points, or 0.29%, and closed at 210.38 on Friday, May 26, 2023. Weekly volume was -21% below average.

Long-term trend: [See ESS long-term trend chart]
A long-term uptrend had started on February 20, 2009 at 49.19 and reached 363.36 on April 21, 2022. ESS gained -314.17 points, or -638.69%, in 686 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend support (214.41) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a long-term trend.

Medium-term trend: [See ESS medium-term trend chart]
A medium-term uptrend had started on March 24, 2023 at 195.03 and reached 224.00 on May 1, 2023. ESS gained -28.97 points, or -14.85%, in 5 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (215.61) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. ESS may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.

Weekly Technical Indicators: [See ESS weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since December 23, 2022. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See ESS short-term trend chart]
A short-term downtrend had started on May 1, 2023 at 224.00 and reached 204.56 on May 26, 2023. ESS lost 19.44 points, or 8.68%, in 25 days. The chart has formed a Falling Channel chart pattern.

Daily Technical Indicators: [See ESS daily technical indicators chart]
Daily Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Daily Lane's Stochastic and MACD have bullish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is below its signal line since May 12, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

A Parabolic SAR (stop and reversal) indicator (211.2) comes close to the price (210.38). It indicates that the trend is getting weaker. 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.

Price is close to the 50 Day Moving Average. While daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 32.48
Williams' Percentage Range (W%R) 92.50
Strong Oversold
Lane's Stochastic (%D-Slow) 27.08
Bullish
Greed/Fear Indicator (GFI) 22.34
Moving Average Converg./Diverg. (MACD) -0.54 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 32.40
Williams' Percentage Range (W%R) 76.10
Lane's Stochastic (%D-Slow) 51.55
Greed/Fear Indicator (GFI) 40.12
Moving Average Converg./Diverg. (MACD) -8.61
Trading Signals
Description Value Chart
Weekly Trendline Resistance 236.09
Upper Bollinger Band 220.01
Weekly Trendline Support 215.61
Weekly Stochastic Crossing 215.17
Yearly Trendline Support 214.41
20 Day Moving Average 213.82
Parabolic System 211.20
50 Day Moving Average 210.45
Price 210.38
Daily Stochastic Crossing 207.15
Lower Bollinger Band 203.69
Sector and Industry
Description Name Rank
Sector Real Estate 3
Industry REIT - Residential 85
Daily Trend
Description Value
Direction Down
Chart Pattern Falling Channel
High 224.00
High Date 05/01/2023
Low 204.56
Low Date 05/26/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Support
Resistance 236.09
Support 215.61
Low 195.03
Low Date 03/24/2023
High 224.00
High Date 05/01/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 240.97
High Date 02/16/2023
Low 195.03
Low Date 03/24/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 363.36
High Date 04/21/2022
Low 195.03
Low Date 03/24/2023
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Support
Resistance 376.19
Support 214.41
Low 49.19
Low Date 02/20/2009
High 363.36
High Date 04/21/2022
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.

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