Morgan Stanley - (MS) - Aug 1, 2024
SIA Charts’ relative strength rankings help investors identify stocks that are outperforming their peers or index benchmarks, often reflecting improved investor expectations for a company or sector's growth. Today, we highlight an exciting new entry into the Green Favored Zone of the S&P 100 Index Report: Morgan Stanley (MS). After a remarkable four-year base, Morgan Stanley has transitioned from the Red Zone through the Neutral Yellow Zone and now emerges in the Green Favored Zone of the SIA S&P 500 Index report, offering compelling risk-reward parameters for investors. As of yesterday, Morgan Stanley has climbed to 25th place, advancing 12 spots in the last month. The stock has been in a quieting ticking along for most of 2024 only to break out of a consolidation phase of late and surpassing long-term resistance levels. This has resulted in gains of +7.15% for the month and +14.64% for the last quarter. This week, Morgan Stanley reached a new high once again, surpassing the psychological $100.00 mark, suggesting that accumulation is accelerating. Potential resistance levels are seen in the $115.00-$135.00 range, with initial support near $95.00, the recent breakout point.
The Point and Figure chart highlights the solid base formed under Morgan Stanley’s shares and indicates that the former resistance at $100.96 has now become a support zone between $100.00 and $97.04. Vertical counts suggest new resistance at $118.29 and further at $135.88. The proximity to the long-term trend line also strengthens the stock’s risk-reward profile. Morgan Stanley’s impressive performance is underscored by a perfect SMAX score of 10 out of 10, reflecting exceptional short-term strength compared to other asset classes. This continued positive sentiment and robust performance make Morgan Stanley a standout in the current market environment.
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