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

By Nick Russo

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 $186.31 and $189.70 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.

Potential upside of 9.5% exists for Public Storage, based on a current level of $186.93 and analysts' average consensus price target of $204.77. Public Storage shares should first meet resistance at the 50-day moving average (MA) of $195.71 and find additional resistance at the 200-day MA of $222.43.

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 $266.76 and a 52-week low of $155.37 and closed yesterday at 20% above that low price at $186.93 per share. The 200-day and 50-day moving averages have moved 0.38% lower and 0.82% 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: bearish am inside day candle public storage

Ticker(s): PSA