Thoughts: While the RR here is well defined something to consider is the follow through going forward due to complete retrace of the recent RSI breakout we just had. I Suspect this will limit the size of the next move to occur; however I have only limited data on the subject matter. Above the marked RSI level one might adopt the thesis that a new upward leg is...
It's at the bottom line of the converged triangle...... soon will the direction be shown.
PSA right at support from horizontal trendline and declining wedge. 10dma posing as resistance from past few days. RSI is oversold and is slowly turning up, the last time it was at these levels 24 we saw almost $20 - $40 move up. MACD is in the grave as well. Stop loss can be placed for a close below 217 for a nice R/R.
From what I have read the financial position of this company is very strong. They started the year off with some key acquisitions that will provide future growth for the company. They have had consistent record breaking revenues and net incomes. I cant understand why the company is so beat down.
NYSE:PSA is on the radar for a bear flag entry with a possible trend reversal. Earnings coming so this could interrupt the idea so really gonna wait and see how it plays out after earnings day to enter a trade if at all.
After 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...