Possible Bearish Harami Candle Pattern Detected for E-House China (NYSE:EJ)


Analyzing the price chart for E-House China (NYSE:EJ) has revealed a potential bearish harami candle pattern. Tuesday's real body is within Monday's body and may imply that traders and investors believe that the recent uptrend may be nearing an end. A move down today would confirm this trend reversal. Also, the narrower the red body yesterday, the more reliable the harami. Yesterday, E-House China traded 305,000 shares vs. average volume of 548,000 shares per day. The company traded 591,000 shares on Monday.

A 34.9% potential upside exists for E-House China, based on a current level of $6.69 and analysts' average consensus price target of $9.02. The stock should find initial resistance at its 50-day moving average (MA) of $7.79 and further resistance at its 200-day MA of $11.44.

E-House China Holdings Ltd. offers real estate services. The Company offers primary real estate agency services to residential real estate developers; lists and brokers properties for resale; and offers land acquisition consulting and property development consulting services.

E-House China share prices have moved between a 52-week high of $20.14 and a 52-week low of $5.52 and are now trading 21% above that low price at $6.69 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has declined 0.8%.


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