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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Public Storage (NYSE:PSA) based on the price action in the company's shares. Yesterday's price range of $205.01 and $207.87 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. Owners of Public Storage may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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 (NYSE:PSA) has potential upside of 1.7% based on a current price of $201.43 and analysts' consensus price target of $204.77. The stock should find initial resistance at its 50-day moving average (MA) of $209.55 and further resistance at its 200-day MA of $228.02.

Public Storage share prices have moved between a 52-week high of $266.76 and a 52-week low of $155.37 and closed yesterday at 30% above that low price at $201.43 per share. The 200-day and 50-day moving averages have moved 0.14% lower and 0.34% lower over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Public Storage on March 27th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $190.74. Since that recommendation, shares of Public Storage have risen 9.4%. We continue to monitor PSA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle public storage

Ticker(s): PSA