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

By James Quinn

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 $53.27 and $53.59 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.

Morgan Stanley (NYSE:MS) defies analysts with a current price ($53.30) 1.1% above its average consensus price target of $52.73. The stock should discover initial support at its 200-day moving average (MA) of $30.57 and subsequent support at its 50-day MA of $25.74.

Over the past year, Morgan Stanley has traded in a range of $23.11 to $54.25 and is now at $53.30, 131% above that low. The 200-day and 50-day moving averages have moved 0.87% lower and 0.83% higher over the past week, respectively.

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.

SmarTrend recommended that subscribers consider buying shares of Morgan Stanley on September 18th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.21. Since that recommendation, shares of Morgan Stanley have risen 12.8%. We continue to monitor MS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Morgan Stanley

Ticker(s): MS