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Morgan Stanley’s Chart Looking Weak

ByPikerTrader
Published 03/28/2013, 07:38 AM
Updated 07/09/2023, 06:31 AM

Morgan Stanley (MS) is looking very weak, vulnerable to a significant drop lower. In recent months, MS has been trending downards towards previous support at 21.78. MS has been chopping around this level recently, but has not tested it again. Price action has formed two descending triangle patterns, both dependent on the single base at 21.78. What make this level so important is that there is NO support below, until 20.30 or about 6% lower and even that support is weak. The strong support is at 19.15 or 12% lower, or 18.50 or 15% lower. The potential support levels are also right near the price targets for the descending triangles. It is very possible that MS can bounce off these levels again, but a longer-term descending triangle is in play and MS would need to climb 6% and get aove 23.50 for it be voided. Keep a strong eye on this stock and watch for the break. if it does, it could signal lower prices for other financial stocks which in turn will put pressure on the market. This chart pattern looks very similar to AAPL chart pattern before it dropped, only to bottom lower 420.
MS_3_281

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