Morgan Stanley Pulls Back

2023년 8월 1일

Morgan Stanley jumped to a four-month high after earnings beat estimates in July. Now it may be giving traders a pullback opportunity.

The first pattern on today’s chart is the basing pattern around $82 after the collapse of Silicon Valley Bank in March. MS’s ability to hold that price zone may reveal the presence of long-term buyers of the investment bank.

Second is the rally above $91 after earnings beat on July 18. The stock subsequently pulled back to hold a 50 percent retracement of the gain. That potentially confirms the advance as the beginning of a new directional move to the upside.

This week’s lows are also near the April closing high around $91. Has old resistance become new support?

Finally, MACD is rising.

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