Essex Property Trust Inc Stock Forecast
Evaluation of Essex Property Trust Inc stock downgraded after the last trading session.
(Updated on May 06, 2024)
The Essex Property Trust Inc stock price gained 2.07% on the last trading day (Monday, 6th May 2024), rising from $250.31 to $255.49. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 2.06% from a day low at $250.51 to a day high of $255.66. The price has risen in 6 of the last 10 days and is up by 6.5% over the past 2 weeks. Volume fell on the last day by -115 thousand shares and in total, 273 thousand shares were bought and sold for approximately $69.64 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $254.61, a level that may pose a second chance to hit a runner. According to fan-theory $273.14 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ESS Signals & Forecast
The Essex Property Trust Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $248.89 and $241.72. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 9.82%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Essex Property Trust Inc stock
Essex Property Trust Inc finds support from accumulated volume at $245.47 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $5.16 (2.06%) between high and low. For the last week, the stock has had daily average volatility of 2.19%.
The Essex Property Trust Inc stock is extremely overbought on RSI14 (88). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $246.89 (-3.37%) (This stock has low daily movements and this gives low risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (ESS) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect Essex Property Trust Inc to open at $253.89, and during the day (based on 14 day Average True Range), to move between $250.33 and $260.65, which gives a possible trading interval of +/-$5.16 (+/-2.02%) up or down from last closing price. If Essex Property Trust Inc takes out the full calculated possible swing range there will be an estimated 4.04% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $245.47, some $10.02 (3.92%) from the current price of $255.49, our system finds the risk reward attractive.
Is Essex Property Trust Inc stock A Buy?
Essex Property Trust Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Essex Property Trust Inc of Tuesday, May 7, 2024
Fair opening price May 7, 2024 | Current price |
---|---|
$253.89 ( 0.628%) | $255.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ESS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 259.04 | 1.39 % | |
R2 | 257.07 | 0.619 % | ||
R1 | 255.85 | 0.143 % | ||
Current price: | 255.49 | |||
Support | S1 | 251.92 | -1.40 % | |
S2 | 250.70 | -1.88 % | ||
S3 | 248.73 | -2.65 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 255.49 | |||
Support | S1 | 245.47 | -3.92% | |
S2 | 244.01 | -4.49% | ||
S3 | 229.34 | -10.24% |
ESS Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 27, 2024 | Mar 27, 2024 | Apr 12, 2024 | $2.45 | 1.02% |
2 | Dec 08, 2023 | Dec 29, 2023 | Jan 12, 2024 | $2.31 | 0.93% |
3 | Sep 07, 2023 | Sep 28, 2023 | Oct 13, 2023 | $2.31 | 1.05% |
4 | May 12, 2023 | Jun 29, 2023 | Jul 14, 2023 | $2.31 | 0.94% |
5 | Feb 23, 2023 | Mar 30, 2023 | Apr 14, 2023 | $2.31 | 1.11% |
FAQ
Click here for our free guide on how to buy Essex Property Trust Inc Stock.