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ThecoinrepublicStockPSA Stock (NYSE: PSA) Broke $270, What...
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PSA Stock (NYSE: PSA) Broke $270, What Next Reversal Or Selloff?

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Public Storage (NYSE: PSA) stock price is in a downtrend, signaling a range breakdown on the charts. PSA stock closed below the crucial support of $270, suggesting a negative outlook for the upcoming sessions. PSA share price is trading below the significant moving averages and forming lower lows sequences over the past few trading sessions. 

Furthermore, PSA stock failed to re-enter the range and is now revisiting the cluster of $270. Selling pressure in the form of massive short were seen this week, suggesting follow-on selling to the $250 level. The upper trajectory of PSA stock is near $290, from where stock faced rejection near the upper trendline and is retracing toward the lower trajectory near $260.

At press time, PSA stock is trading at $268.73 with an intraday drop of 0.91%, showing bearishness on the charts. Moreover, the trading volume increased by 1.89% to 789.676K, and the market cap is $47.683 Billion. However, analysts maintained a strong buy rating with a yearly target price of $337.11, suggesting a strong growth outlook for the upcoming sessions.

Public Storage operates as a real estate investment trust which engages in acquiring, developing, owning and operating self-storage facilities. It operates through the following segments: Self-storage Operations, Ancillary Operations, and Other Items. 

The Self-storage Operations segment reflects the rental operations from all self-storage facilities. The Ancillary Operations segment deals with the sale of merchandise and reinsurance of policies against losses to goods stored by self-storage tenants, which are incidental to the primary self-storage rental activities. 

PSA Stock Mirroring Bearishness On Daily Charts

PSA Stock (NYSE: PSA) Broke $270, What Next Reversal Or Selloff?
Source: PSA Stock Price Chart At TradingView

On the daily charts, the PSA stock price is trading below the cluster of $280, showing bearishness for the past sessions. Moreover, PSA share was in a narrow range and has now broken the range, suggesting a negative outlook on the charts.

As per the Fib levels, PSA share is trading below neutrality and shows a negative outlook on the charts. Moreover, the price is trading below the mid-Bollinger band amid selling pressure in the past sessions.

The RSI curve remains below neutrality, showing a bearish divergence indicating a negative outlook on the charts.

The MACD indicator shows a bearish crossover forming red bars on the histogram. Follow-up selling is imminent in the upcoming sessions.

Summary

PSA stock price shows a bearish chart structure and is trading below the 20-day EMA, indicating seller dominance in the past sessions. Moreover, the price action shows the rejection from the lower neckline and continues to fall below the cluster of $270. Furthermore, the PSA stock is heading toward the lower trajectory of $250 and suggests a negative outlook for the upcoming sessions.

Technical Levels

Support Levels: $260 and $250

Resistance Levels: $280 and $300

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ahtesham Anis
Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.
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