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Possible Bearish Inside Day Candle Pattern Detected for Morgan Stanley (NYSE:MS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Morgan Stanley (NYSE:MS) based on the price action in the company's shares. Today's price range of $46.02 and $46.36 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Morgan Stanley may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 32.3% exists for Morgan Stanley, based on a current level of $46.26 and analysts' average consensus price target of $61.21. The stock should run into initial resistance at its 50-day moving average (MA) of $46.95 and subsequent resistance at its 200-day MA of $51.15.

Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis. The Company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business.

In the past 52 weeks, shares of Morgan Stanley have traded between a low of $42.88 and a high of $59.38 and are now at $46.26, which is 8% above that low price. The 200-day and 50-day moving averages have moved 0.51% lower and 0.68% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Morgan Stanley on August 10th, 2018 by issuing a Downtrend alert when the shares were trading at $48.51. Since that call, shares of Morgan Stanley have fallen 5.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Morgan Stanley

Ticker(s): MS