NYSE:EQR may be ready to breakout.

Our stockscreener has identified a possible breakout setup on EQUITY RESIDENTIAL (NYSE:EQR). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:EQR for potential opportunities.

Technical analysis of NYSE:EQR

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, EQR scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, EQR is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• EQR is currently making a new 52 week high. This is a strong signal. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• When compared to the yearly performance of all other stocks, EQR outperforms 67% of them, which is more or less in line with the market.
• EQR is an average performer in the Residential REITs industry, it outperforms 52% of 20 stocks in the same industry.
• In the last month EQR has a been trading in a tight range between 68.50 and 72.39.

For an up to date full technical analysis you can check the technical report of EQR

Why is NYSE:EQR a setup?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:EQR currently holds a 10 as its setup rating, suggesting a particular level of consolidation in the stock.

EQR has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 72.32. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 71.35, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for EQR in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:EQR be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.