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

By Shiri Gupta

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. Yesterday's price range of $42.09 and $42.47 is within the prior day'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, 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.

Over the past year, Morgan Stanley has traded in a range of $36.74 to $52.72 and closed yesterday at $42.43, 15% above that low. The 200-day and 50-day moving averages have moved 0.2% lower and 0.02% lower over the past week, respectively.

There is potential upside of 44.3% for shares of Morgan Stanley based on a current price of $42.43 and an average consensus analyst price target of $61.21. The stock should run into initial resistance at its 200-day moving average (MA) of $44.23 and subsequent resistance at its 50-day MA of $44.88.

SmarTrend recommended that its subscribers protect gains by selling shares of Morgan Stanley on May 13th, 2019 by issuing a Downtrend alert when the shares were trading at $44.61. Since that call, shares of Morgan Stanley have fallen 4.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle Morgan Stanley

Ticker(s): MS