MS finds buyers at key support level


Morgan Stanley (MS) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
MS finds buyers at key support level
MS finds support at 100-day moving average
MS runs into sellers again around 55.15
MS closes within previous day's range after lackluster session
MS ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

MS finished Thursday at 54.87 edging lower $0.10 (-0.18%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MS
Volatility

Thursday's trading range was $0.81 (1.48%), that's below last trading month's daily average range of $1.07. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.

Price Action

After moving higher in the previous session, the stock closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

After trading as low as 54.34 during the day, the market bounced off the key support level at 54.63. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 55.17 in the previous session, Morgan Stanley ran into sellers again around the same price level today, failing to move higher than 55.15. After trading as low as 54.34 during the day, the share found support at the 100-day moving average at 54.53.

Trend

MS shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could speed up should prices move above the nearby swing high at 55.64 where further buy stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Morgan Stanley
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MS runs into sellers again around 48.61

Aug 17, 2018
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