MS Close to a Breakout

by | May 16, 2024

We’ve talked about the recent rise in bank and financial stocks, and that move has continued.

Several banking stocks have climbed near a breakout point and the banking group in general is now one of the top 35 hottest in the world.

And, like its cohort, MS is now nearing a breakout after a very long consolidation period.

Here’s the chart:


MS is nearing a high it hasn’t seen since early 2023.

A break above $100.99 could lead to a sizable explosion.

Especially if we get hints at a future rate reduction.

We’ll keep an eye on it.

Happy trading,

— Scott Welsh

P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.

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