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Possible Bullish Inside Day Candle Pattern Detected for PS Business Parks (AMEX:PSB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in PS Business Parks (AMEX:PSB) based on the price action in the company's shares. Yesterday's price range of $98.62 and $99.98 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. Traders and investors interested in shares of PS Business Parks may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

PS Business Parks (AMEX:PSB) defies analysts with a current price ($99.79) 14.8% above its average consensus price target of $85.00. PS Business Parks shares have support at the 50-day moving average (MA) of $97.56 and additional support at the 200-day MA of $86.51.

PS Business Parks, Inc. is a self-advised and self-managed real estate investment trust that acquires, develops, owns and operates commercial properties, primarily multi-tenant office industrial or flex space. The Company is the sole general partner of PS Business Parks, L.P. through which the Company conducts most of its activities.

In the past 52 weeks, PS Business Parks share prices have been bracketed by a low of $70.15 and a high of $103.00 and closed yesterday at $99.79, 42% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.3%.

SmarTrend is tracking the current trend status for PS Business Parks and will alert subscribers who have PSB in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle amex:psb ps business parks

Ticker(s): PSB