Chart of the Day: Morgan Stanley Stands Tall
This investment bank is clearly the best performer of the biggest names.
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You have to be impressed with the price action in Morgan Stanley (MS). Without much excitement post earnings, the stock continues to base at a higher level. In our view, that tends to mean the stock is prepping for a move in the direction of the prior trend, which is higher.
The longer the base, the higher the space. Even though the indicators are not in true alignment with the price action, which is bullish.
MACD is on a sell signal, money flow is pointing down as is the stochastics. That makes sense, as the momentum has stalled out.
Volume trends are neutral to positive; strong days up have had moderately good turnover. The stock’s flirtation with all-time highs is interesting as names such as Bank of America (BAC) and JPMorgan Cahse (JPM) are not even close to those milestones.
Eventually we see MS making a move towards $200, which would be a nice move in a tough interest-rate environment.
We like Morgan Stanley in TheStreet Pro Portfolio and rate it a Two, or “stockpile on pullbacks.”
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At the time of publication, TheStreet Pro Portfolio was long MS and BAC.
