Don't Ignore This Chart!

Morgan Stanley (MS) Stretches Above Resistance


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.

Greg Schnell, CMT, MFTA.

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus