PSA slips to lowest close since April 30th


Public Storage (PSA) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
PSA breaks below 20-day moving average
PSA closes below its opening price unable to hold early session gains
PSA unable to break through key resistance level
PSA finds support at 200-day moving average
PSA closes lower for the 5th day in a row
TQ Sentiment
Report Sentiment: 44% Bearish
Technical Forecast:
Overview

Moving lower for the 5th day in a row, PSA finished Thursday at 203.84 losing $1.76 (-0.86%). Today's closing price of 203.84 marks the lowest close since April 30th. Trading $0.98 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 204.74, the market confirms its breakout through the prior session's low having traded $1.44 below it intraday.

Daily chart for PSA
Volatility

Thursday's trading range was $2.30 (1.12%), that's below last trading month's daily average range of $3.30. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way above average.

Support/Resistance

Prices are trading close to a key support level at 202.20. Unable to break through the key technical resistance level at 204.75, Public Storage closed below it after spiking as high as 205.60 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 203.30 during the day, the stock found support at the 200-day moving average at 203.76.

Trend

Although PSA is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The share broke below the 20-day moving average at 203.97 today for the first time since April 12th.

Order Flow

Selling could speed up should prices move below the nearby swing low at 200.68 where further sell stops might get triggered. As prices are trading close to May's low at 200.68, downside momentum could accelerate should the market mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Public Storage
Condition Forecast Direction Win Avg Worst Best Events
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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