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

By Shiri Gupta

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 $219.59 and $220.96 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, Public Storage share prices have been bracketed by a low of $192.02 and a high of $234.90 and closed yesterday at $220.55, 15% above that low price. The 200-day and 50-day moving averages have moved 0.05% lower and 0.28% higher over the past week, respectively.

Based on a current price of $220.55, Public Storage is currently 7.2% above its average consensus analyst price target of $204.77. Public Storage shares have support at the 50-day moving average (MA) of $214.26 and additional support at the 200-day MA of $210.45.

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. The Company's headquarters are located in Glendale, California.

SmarTrend recommended that subscribers consider buying shares of Public Storage on March 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $211.19. Since that recommendation, shares of Public Storage have risen 5.0%. We continue to monitor PSA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle public storage

Ticker(s): PSA