PSA
PSA Win Looking Good for HigherI carved out a win today on NYSE:PSA to start a trend off the Weekly 50% Level. This has a chance to run based on the technical setup as well as a possible secular bull trend if one believes people will need to store their stuff into a housing crunch.
The initial trade began on a 30 minute timeframe spike (which unfortunately was not caught on Tradingview data). With a stop just below the spike low of 1/19/23 I was able to play the position to a conservative high retest. Now I am keeping on shares as runners.
Incidentally... PSA has held a major 50% pullback before on the COVID low. The entry point now is the 2016 high of that trend that created said pullback. This is a great level to take long.
PSA is looking weak and ready to go downStorage company, stock is showing weakness on shorter time-frames. SHORT
PSA - Time Analysis A time Analysis plotting bottoms and tops
Each period of time between bottom and top is roughly the same, which allows for the last assumption of a bull move upward
Strong trend line up will be held
Red is top, Green is bottom
PSA Bubble popped The chart posted is just one of so many that has been used to take money from weak hands to back to strong hands that should be at least a drop of 65 to 75 % well before any one can stick their head out of the foxhole . I say foxhole because there has been a war going on for decades the rich vs the workers . Btw the way there has been little to no bottoms thru out history worth buying until the Unemployment rate has been up over 6 % plus see us data since 1942
(PSA) Public Storage: Funds need to put their $ somewhere...High relative strength, new highs, and breaking out on a weekly time frame.
Not many stocks could make the same claim today... institutions need to put money to work. They can't just sit in cash - many are mandated to have exposure. I've heard stories of some not being allowed to have a 10% cash position. So where do they put their money? Hopefully in strength. They also can't be fully invested in stocks that are only commodity/mining based (since those are the majority making new highs this week/showing relative strength).
$PSA Attempting to Break OutHi Folks,
This is a pretty simple set up here. We have a huge base on PSA going back to March 2016. The previous highs from that time are presenting textbook resistance in my opinion. I believe that PSA will break out and there's an opportunity in the setup. Here's my thesis:
The XLRE has being showing relative strength to the S&P the last three months and has really come on in the last month as a leader. Not surprisingly, the XLRE just broke through it's pre-covid crash highs. PSA is a top holding in the XLRE and could follow suit and breakthrough as well. If you believe the recent strength in the XLRE can be sustained, then it's top holdings would most likely lead the way.
PSA is Public Storage. They recently bought a smaller competitor EZStorage demonstrating the need to expand and showcasing the current demand for storage units. Moreover, PSA stands to benefit from the current housing market up cycle as people are moving all over the country and are storing items as needed. Anecdotally, I live in a major metro-area and a brief search of all the area PSA sites show low or now availability of all sized units.
Earnings are reported tomorrow and could provide the catalyst needed to punch through resistance. If resistance is broken I think the stock can rally to about $314 in the near term.
If the stock fades from it's current levels and fails to break resistance then the thesis is no good and the trade should be abandoned.
Disclosure: I am long PSA.
Anyway, what do you all think?
NYSE:PSA AMEX:SPY AMEX:XLRE
Public Storage Put?Price is currently testing a resistance zone. Looking for a retracement of previous low up to 61% of fibonnaci. On the 4 hour I see a W pattern that is finishing up hopefully which would trigger a pullback.
Strike Price: $230.34
What do you think?
Like, Follow, Agree, Disagree!
Public Storage elliot wave countThis is my prediction for PSA. We are heading for cycle wave III which will be devided to 5 primary waves.
The targets for the three upcoming primary impusive waves are inside the red boxes.
Risk disclaimer
This prediction is based on my personal opinion and this article does not suggest you to make any trades.
I am not responsible for any future losses using the information above.
REIT StrengthStorage REITs remain the most attractive within Real Estate.
CUBE in particular is displaying a strong amount of relative strength.
PSA Hound of the Baskervilles signalAfter the fed meeting on Wednesday announced they would not continue to raise rates, PSA zoomed to new highs. Ignoring the MACD and RSI divergence. This is a rare signal named Hound of the Baskervilles signal after the Sherlock Holmes novel. It is an incredibly strong signal that indicates something fundamentally is changing in the market. In this case it seems the market is bullish on PSA after being reassured in the short term that the fed would not raise rates. I read this as an extremely bullish indicator.
