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

By Amy Schwartz

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 $194.06 and $198.14 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 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.

In the past 52 weeks, Public Storage share prices have been bracketed by a low of $155.37 and a high of $266.76 and closed yesterday at $196.48, 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.2% while the 200-day MA has slid 0.4%.

Potential upside of 4.2% exists for Public Storage, based on a current level of $196.48 and analysts' average consensus price target of $204.77. Public Storage shares should first meet resistance at the 50-day moving average (MA) of $207.50 and find additional resistance at the 200-day MA of $227.20.

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