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Morgan Stanley (NYSE: MS) continues yesterday’s surge off of the bullish confluence EMA’s that bunched together just above 29.00, and which has helped to catapult the price structure towards a test of key resistance at 31.00/10. Purely from a technical perspective, the future of near- and perhaps intermediate-term price direction in MS will be determined by either a thrust above the Oct-Mar down trendline (31.00), or a violation of 29.00. Right now, the weight of evidence argues for a challenge of 31.00.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
