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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Public Storage (NYSE:PSA) based on the price action in the company's shares. Today's price range of $214.51 and $215.79 is within yesterday'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 Public Storage may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Potential upside of 1.7% exists for Public Storage, based on a current level of $215.23 and analysts' average consensus price target of $218.92. Public Storage shares should first meet resistance at the 200-day moving average (MA) of $236.37 and find additional resistance at the 50-day MA of $262.14.

In the past 52 weeks, shares of Public Storage have traded between a low of $182.08 and a high of $277.60 and are now at $215.23, which is 18% 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.

SmarTrend is monitoring the recent change of momentum in Public Storage. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Public Storage in search of a potential trend change.

Keywords: bullish inside day candle public storage

Ticker(s): PSA