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Watch for Shares of Morgan Stanley (MS) to Approach Resistance at $23.01

Published on Tue, 03/05/2013 - 10:40
By Robert Cotter

Shares of Morgan Stanley (NYSE:MS) opened today above their pivot of $22.46 and have already reached the first level of resistance at $22.80. Should the shares continue to rise, the resistance pivots of $23.01 and $23.56 will be of interest.

Over the past year, Morgan Stanley has traded in a range of $12.26 to $24.47 and is now at $22.81, 86% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.7%.

Morgan Stanley, a bank holding company, provides diversified financial services on a worldwide basis. The Company operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business.

There is potential upside of 10.7% for shares of Morgan Stanley based on a current price of $22.81 and an average consensus analyst price target of $25.24. The stock should find initial support at its 50-day moving average (MA) of $21.67 and further support at its 200-day MA of $17.02.

By Robert Cotter
rcotter@fnno.com