EXR looks to be back on the downtrendEXR is a storage related business, the stock has be tumbling for many months and it looks like we have further to go in the next 8-12 months. SHORT
EXR
EXR - Ascending ScallopA breakout above the curve can be seen
A channel also can be drawn showing a break out above it, which allows the possible support of this top channel band
Bullish on this daily timeframe
This is an Ascending Scallop Pattern
EXR In Overbought Territory?Based on historical movement, the peak could occur anywhere in the larger red box. The final targets are in the green boxes. The pending bottom should occur within the larger green box as has been the historical case. Half of all movement has ended in the smaller green box. In this instance, the signal indicated SELL on August 31, 2021 with a closing price of 186.91.
If this instance is successful, that means the stock should decline to at least 184.5 which is the top of the larger green box. Three-quarters of all successful signals have the stock decline 4.067% from the signal closing price. This percentage is the top of the smaller green box. Half of all successful signals have the stock decline 4.743% which is the end point of the black dotted arrow. One-quarter of all successful signals have the stock decline 8.822% from the signal closing price which is the bottom of the smaller green box. The maximum decline on record would see a move to the bottom of the larger green box. These are the same concepts for the levels in the red boxes as well.
The ends/vertical sides of the boxes are determined in a similar fashion. The trough of the decline can occur as soon as the next trading bar after signal close, while the max decline occurs within the limit of study at 35 trading bars after the signal. A 1% decline must occur over the next 35 trading bars in order to be considered a success. Three-quarters of successful movement occur after at least 6 trading bars; half occur within 16 trading bars, and one-quarter require at least 22 trading bars.
The black dotted arrow represents median historical movement. Medians are a good metric, but they are just one of many I use when forecasting future movement.
As always, the stock could decline the very next bar after the signal without looking back (therefore the red boxes would not come into play) or the stock may never decline (and the green boxes may never come into play).
Extra Space Storage Inc. (EXR) Has More Room To RunEXR has been leading the S&P 500's real-estate sector, and there are no divergences yet in price, which tells us this stock could have further up to go.
EXR: MAJOR SHORT SET UPAfter reaching new highs in 2018, a major bearish divergence has formed on both the MACD and RSI. This can be seen by a much lower reading on the indicator, yet a higher high made by the price. Also, an ascending wedge has formed, which will likely lead to major downside upon crack of the lower support trend line.
Short EXR (Monthly wedge about to break)A break monthly wedge will bring a sharp waterfall, imo heading to 618 fib retracement
EXR LongEstablishing a long position in EXR as my first Option trade of 2018 for the Veritas Fund. Ideally as the stock moves up over the life of the trade I'll be able to sell shorter duration Calls against it to maintain positive theta.
