EQR is approaching our first support at 63.24 (horizontal swing low support, 61.8% fibonacci extenson, 50% fibonacci retracement) where a strong bounce might occur pushing price up to our major resistance at 68.16 (50% fiboancci retracement).
Stochastic (55,5,3) is also approaching our first support where we might see a corresponding bounce in price.
Elliot Impulse Bullish Wave 12345 just got completed. Earnings is scheduled for 4/24/18, so big events you need to worry about. Fib. Ret. price action just hit golden ration of 0.618, which high area for reversal time. I see at least a $5.00 bearish drop from $63 to $58 for next week or two. You could sell Bearish Put credit spreads and/or sell stock at this...
#EQR - MASSIVE DOUBLE TOP ON THE MONTHLY (SEE CHART BELOW) ILLUSTRATED VOLUME LOOKS TO CONFIRM EXPECTING FALLS OF AROUND 21-24% SEEING NEW 52WEEK LOWS
THE EQUITY RESIDENTIAL SECTOR LOOKS TO BE COMING DOWN WITH NET OPERATING INCOME FOR THE FULL YEAR EXPECTED TO BE BETWEEN 4.5% AND 5.5% DOWN FROM ITS PRIOR VIEW OF 5-6%.THE COMPANY IS NOT MEETING ITS PRIOR...
EQR is outperforming High Grade Corporate Bonds. They typically move together but this time the rental income to EQR has moved up lately and it is driving the shares higher. But it may have gone too far as now HYG has lagged too far behind. Greed and a new high may be getting the bulls too excited here. Buy HYG and Sell EQR and make money when the spread comes...
Would enter the stock at the next pullback. Stock probably will go down since it's at an R1 pivot point. Pattern is almost complete, waiting for a pullback. Price target would be around $60, this is more of a long-term play.
