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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 $244.58 and $247.35 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) defies analysts with a current price ($247.35) 17.2% above its average consensus price target of $204.77. Public Storage shares should encounter resistance at the 50-day moving average (MA) of $252.42 and support at its 200-day MA of $226.55.

Over the past year, Public Storage has traded in a range of $193.89 to $266.76 and closed yesterday at $247.35, 28% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.4%.

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 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