Morgan Stanley (MS) has been consolidating for a while, but today, the stock broke out to new highs. The chart looks great with the SCTR moving into the top quartile and the Relative Strength is moving to new highs. The price exceeded the March highs after forming a nice consolidation panel.
The MACD is making higher highs which also bullish. There is lots to like about this chart as the asset managers continue to roar.
Greg Schnell, CMT, MFTA
About the author:Greg Schnell, CMT, is a Senior Technical Analyst at StockCharts.com 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).