Daily Stock Report

Morgan Stanley - (MS) - August 11, 2022

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.  

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