On the weekly chart, EQR broke out of a bullish descending wedge in early October 2024 and recently retraced back to the top of the wedge. More importantly, it ended the week with a very nice bullish candle and held above the 20, 50 and 200 day moving averages. It also managed to close above the 20 week moving average (thicker yellow line). It now needs to break and hold above the 50 and 200 week moving averages (thicker red and green lines) around 5.5 cents to confirm a more medium term sustainable rise in the share price. Obvious major resistance and initial target is 8.8 cents.
Another interesting observation from the daily chart that increases the probability of bullish price action is the bullish MACD divergence that’s been forming since the start of 2024.
