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Possible Bearish Inside Day Candle Pattern Detected for Public Storage (NYSE:PSA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Public Storage (NYSE:PSA) based on the price action in the company's shares. Yesterday's price range of $194.31 and $198.01 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Public Storage may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Public Storage have traded between a low of $192.15 and a high of $260.83 and closed yesterday at $194.92, which is 1% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has remained constant.

Potential upside of 8.2% exists for Public Storage, based on a current level of $194.92 and analysts' average consensus price target of $210.93. The stock should find initial resistance at its 200-day moving average (MA) of $236.37 and further resistance at its 50-day MA of $262.14.

Public Storage is a real estate investment trust. The Trust's principal business activities include the acquisition, development, ownership, and operation of self-storage facilities in the United States. Public Storage also own an equity interest in an owner and operator of self-storage facilities in Europe.

SmarTrend is tracking the current trend status for Public Storage and will alert subscribers who have PSA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle public storage

Ticker(s): PSA