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Quarterly Pattern:Descending Triangle
Number of records: 4
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Chart Analysis and Chart Pattern Recognition – Descending Triangle Pattern
The descending triangle is a variation of a symmetrical triangle formation that has a flat support line and a falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. The descending triangle usually represents a distribution stage in bearish market. The descending triangle is considered as a continuation pattern, especially in a downtrend, but it may also mark a reversal in an uptrend. Volume usually increases on trend support resistance breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Descending Triangle Screening page presents a list of stocks forming Descending Triangle Pattern.
Tips:
# 1 As a continuation pattern, descending triangle usually appears within a young trend, characterized by neutral long-term indicators and oversold short-term indicators. Descending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, descending triangle appears in a mature uptrend, characterized by overbought long-term and short-term indicators. This situation usually generates bearish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance level. line.
Descending Triangle Pattern,Descending Triangle,Descending Triangle Chart Pattern,Trend support resistance, chart pattern, chart, pattern, technical analysis, signals, chart analysis, pattern recognition, screening, technical trading
Archive
- 12/1/2017
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Essex Property Trust Inc
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Summary:
Weekly :Overbought sectorBroken trend support lineWilliams' Percentage Range is oversold
Daily :MACD bullish divergence
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It was the negative week for the Essex Property Trust Inc (ESS). During the week, the ESS dropped -3.33 points, or -1.33%, and closed at 247.04 on Friday, December 01, 2017. Weekly volume was 20% above average.

ESS is a member of Financial Sector. Financial is the most overbought 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 February 20, 2009 at 49.19 and reached 270.04 on September 11, 2017. ESS gained -220.85 points, or -448.97%, in 446 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 234.63 and resistance is at 266.95. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.

Medium-term trend: [See ESS medium-term trend chart]
A medium-term uptrend had started on October 25, 2016 at 200.01 and reached 270.04 on September 11, 2017. ESS gained -70.03 points, or -35.01%, in 45 weeks. The chart has formed a Descending Triangle chart pattern. The uptrend support line (279.09) is broken. A broken support is considered to be a long-term bearish signal. 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 Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 below its signal line since August 4, 2017. The distance between MACD and the signal line is relatively high and getting bigger. 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 November 21, 2017 at 252.68 and reached 244.13 on November 29, 2017. ESS lost 8.55 points, or 3.38%, in 8 days. The price is now at the 34.04% retracement level.

Daily Technical Indicators: [See ESS daily technical indicators chart]
Daily technical indicators are neutral. Daily MACD has bullish 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 bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

The daily MACD line is below its signal line since November 1, 2017. This is an indication that the short-term trend is down.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 30.49
Williams' Percentage Range (W%R) 77.60
Lane's Stochastic (%D-Slow) 21.44
Greed/Fear Indicator (GFI) 24.76
Moving Average Converg./Diverg. (MACD) -2.38 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 30.19
Williams' Percentage Range (W%R) 86.40
Oversold
Lane's Stochastic (%D-Slow) 29.41
Greed/Fear Indicator (GFI) 27.62
Moving Average Converg./Diverg. (MACD) 3.41
Trading Signals
Description Value Chart
Quarterly Trendline Support 279.09
Quarterly Trendline Resistance 271.13
Yearly Trendline Resistance 266.95
Upper Bollinger Band 259.58
50 Day Moving Average 255.69
20 Day Moving Average 252.30
Parabolic System 250.42
Weekly Stochastic Crossing 248.81
Price 247.04
Daily Stochastic Crossing 246.41
Lower Bollinger Band 244.05
Yearly Trendline Support 234.63
Sector and Industry
Description Name Rank
Sector Financial 9
Industry REIT - Residential 34
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 252.68
High Date 11/21/2017
Low 244.13
Low Date 11/29/2017
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 264.07
High Date 11/01/2017
Low 244.13
Low Date 11/29/2017
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 270.04
High Date 09/11/2017
Low 244.13
Low Date 11/29/2017
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Descending Triangle
Status Broken Support
Resistance 271.13
Support 279.09
Low 200.01
Low Date 10/25/2016
High 270.04
High Date 09/11/2017
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 266.95
Support 234.63
Low 49.19
Low Date 02/20/2009
High 270.04
High Date 09/11/2017
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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