Morgan Stanley Pulls Back
Morgan Stanley rallied to a multiyear high last week, and now it’s pulled back.
The first pattern on today’s chart is the 2023 high of $100.99. MS couldn’t break this level in May but crossed it in early July. Also notice how the financial stock is bouncing near that earlier peak. Has old resistance become new support?
Next, prices are slightly above the rising 21-day exponential moving average (EMA). Holding this EMA could reflect a bullish short-term trend.
Third, the low so far this week is higher than last week’s low. Remaining above it could potentially create an inside week, which some traders might consider a bullish continuation pattern.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
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The first pattern on today’s chart is the 2023 high of $100.99. MS couldn’t break this level in May but crossed it in early July. Also notice how the financial stock is bouncing near that earlier peak. Has old resistance become new support?
Next, prices are slightly above the rising 21-day exponential moving average (EMA). Holding this EMA could reflect a bullish short-term trend.
Third, the low so far this week is higher than last week’s low. Remaining above it could potentially create an inside week, which some traders might consider a bullish continuation pattern.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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