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

By Shiri Gupta

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 $183.41 and $184.26 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.

Public Storage (NYSE:PSA) has potential upside of 13.1% based on a current price of $181.09 and analysts' consensus price target of $204.77. The stock should find initial resistance at its 50-day moving average (MA) of $199.21 and further resistance at its 200-day MA of $223.93.

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 17% above that low price at $181.09 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 0.4%.

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