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.