Morgan Stanley (MS) has built a nice base and has been pushing above resistance for the last week. There are a few more clues that I like on the chart. The Relative Strength is just starting to break out above 6-month highs and the SCTR has moved above 75 which puts it in the top quartile for price action.
The price has broken above the horizontal resistance layer. The PMO keeps accelerating higher which suggests a nice uptrend.
While everything looks a little stretched here, this looks like it is setting up for a nice long position. Trading it against $29.50 as a stop looks good.
Lastly, here is a link to the largest upcoming webinar I've ever hosted. Click here to Register for Back From The Precipice with Martin And Greg.
Regards,
Greg Schnell, CMT, MFTA.
