Morgan Stanley - (MS) - May 25, 2021
Morgan Stanley* (MS) climbed two spots within the SIA S&P 100 Index Report to finish in 7th place. Since returning to the Green Favored Zone in November of 2020, MS shares have gained 52.5%.
Since clawing back all of its COVID crash losses and completing a bullish Ascending Triangle pattern last fall, Morgan Stanley* (MS) shares have remained under accumulation, steadily advancing in a step pattern of rallies followed by periods of consolidation at higher levels. Yesterday, the shares broke out to a new all-time high signaling the start of a new rally phase that would be confirmed by a breakout over the $90.00 round number.
Based on measured moves from previous trading ranges, potential upside resistance tests on trend appear near $96.00, $106.00, and $115.00 on trend, along with the $100.00 round number. Initial downside support appears at the 50-day moving average near $82.00.
*Morgan Stanley is held in some portfolios managed by SIA Wealth Management
Earlier this month, Morgan Stanley* (MS) completed a bullish Double Top breakout, signaling the start of a new upleg within the primary uptrend that started in March of 2020. A new all-time high close yesterday confirms that accumulation continues.
Horizontal counts suggest potential upside resistance tests on trend may appear near $96.65 or $111.00, along with the $100.00 round number, and $120.20 based on a vertical count from a previous high pole. Initial support appears near $82.50 where a 3-box reversal and a retest of the recent breakout point converge.
With a bullish SMAX score of 9, MS is exhibiting near-term strength against the asset classes. *Morgan Stanley is held in some portfolios managed by SIA Wealth Management
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.