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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 $211.39 and $213.30 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.

Based on a current price of $211.48, Public Storage is currently 3.2% above its average consensus analyst price target of $204.77. Public Storage shares should first meet resistance at the 200-day moving average (MA) of $233.51 and find additional resistance at the 50-day MA of $241.05.

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.

In the past 52 weeks, shares of Public Storage have traded between a low of $193.89 and a high of $266.76 and closed yesterday at $211.48, which is 9% above that low price. The 200-day and 50-day moving averages have moved 0.04% higher and 1.24% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Public Storage and will alert subscribers who have PSA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle public storage

Ticker(s): PSA