When we look at the Public Storage (NYSE:PSA) chart, we see it’s been trading in a downtrend since Feb. 17, falling steadily lower and lower as market conditions worsen.
There was some consolidation in the $344 range but ultimately it didn’t hold and support was temporarily formed at $340. It was last found trading at $342.40 above the support of $340 and the closest overhead resistance of $346.
Public Storage had scheduled a quarterly earnings announcement yesterday during aftermarket hours. Earnings expectations were surpassed, with both EPS and Revenue estimations surpassed today could expect the price to move upwards, towards the $352 price range.
Today we can expect a move towards the $346 resistance level. If however, it doesn’t manage to hold on to the current level then a move below the $340 support can be expected.