Morgan Stanley stock price is trading around $98.50. As we mentioned in previous posts, we continue to expect that price has made an important top around $104 back in October. We noted the bearish divergence signals and the potential for a reversal.
The weekly price continues to trade above the weekly Kumo (cloud), however with price below the tenkan-sen (red line indicator) there are increased chances of more downside. Support is found by the kijun-sen (yellow line indicator) at $96.44. A weekly close below this level will be an added bearish signal and we should then expect price to move close to the Kumo around $86-88. Resistance is at $99.60 and as long as we see weekly closing prices below this level, we remain pessimistic for MS stock price.
