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Downtrend Broken Resist.Archive
- 5/10/2024 -
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PUBLIC STORAGE (PSA) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a second positive week after 4 consecutive negative weeks for the PUBLIC STORAGE (PSA). During the week, the PSA gained 10.18 points, or 3.83%, and closed at 275.94 on Friday, May 10, 2024. It was the best weekly gain since March 28, 2024. Weekly volume was -40% below average.
 Long-term trend: [See PSA long-term trend chart]
A long-term downtrend had started on April 21, 2022 at 421.76 and reached 233.18 on October 31, 2023. PSA lost 188.58 points, or 44.71%, in 79 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Medium-term trend: [See PSA medium-term trend chart]
A medium-term downtrend had started on January 2, 2024 at 312.25 and reached 256.31 on May 1, 2024. PSA lost 55.94 points, or 17.92%, in 17 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (254.27) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. PSA may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See PSA weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since March 22, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
 Short-term trend: [See PSA short-term trend chart]
A short-term uptrend had started on May 1, 2024 at 256.31 and reached 276.73 on May 10, 2024. PSA gained -20.42 points, or -7.97%, in 9 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 273.75 and resistance is at 280.36. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.
 Daily Technical Indicators: [See PSA daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is above its signal line since May 1, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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