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

By James Quinn

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. Yesterday's price range of $210.38 and $212.48 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 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 (NYSE:PSA) is currently priced 3.3% above its average consensus analyst price target of $204.77. The stock should find resistance at its 50-day moving average (MA) of $219.11, as well as support at its 200-day MA of $207.01.

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.

Public Storage share prices have moved between a 52-week high of $234.90 and a 52-week low of $180.48 and closed yesterday at 17% above that low price at $211.71 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-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 am inside day candle public storage

Ticker(s): PSA