Morgan Stanley - (MS) - August 11, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Recovering from a late winter dip down into the red zone, investment bank Morgan Stanley continues to climb back up the rankings in the SIA S&P 100 Index Report. Yesterday, it returned to the Green Favored Zone for the first time since March after climbing 1 spot to 26th place. MS has moved up 21 positions in the last month.

Back in June-July, a downtrend in Morgan Stanley (MS) shares was contained by ongoing support near $72.00, a previous resistance level. Since then, the shares have been under renewed accumulation, establishing an uptrend of higher lows, snapping a downtrend line.

Most notably, the shares have retaken and held above $80.00 a long-term pivot point that has reversed polarity between support and resistance several times, and the 50-day average. With $80.00 now acting as initial support, investors may look to other previous support and resistance levels near $92.00 and $102.00 on trend as potential points for resistance along with the $100.00 round number.

 

Morgan Stanley (MS) have started to bounce back in a meaningful way. A downtrend that started back in February bottomed out last month. For several weeks, the shares have been recovering and have started to trigger positive signals including the completion of bullish Double Top and Spread Double Top patterns, and snapping a downtrend resistance line.

Based on previous column highs and lows that set the boundaries of a previous sideways range, next potential upside resistance levels may appear near $92.95, then $102.65, around the $100.00 round number. Initial support appears near $80.90 based on a 3-box reversal.

With a bullish SMAX score of 6, MS is exhibiting strength against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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