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- 1 Morgan Stanley stock price slumped nearly 33.15% over the past two weeks.
- 2 Morgan Stanley share (NYSE: MS) price observed a sharp selling after suffering rejection from 200-day EMA.
- 2 The daily chart illustrates the breakdown of a symmetrical triangle pattern formed.
Morgan Stanley stock price witnessed a sharp selling in the recent sessions after suffering rejection from a 200-day EMA. The MS stock price slumped 12% in the last two weeks and made a breakdown from the symmetrical triangle pattern formed over the daily chart.
Morgan Stanley specializes in financial services. The company provides investment banking products and services to clients and customers including corporations, financial institutions, and governments. The MS company is yet to announce quarterly results on Wednesday, 18th October.
The Wall Street analysts are expecting the company to deliver a better quarter as compared to the previous one. Analysts expect the company to deliver a revenue of $13.26 Billion and the earnings to be $1.329.
The price trend analysis illustrates that the MS stock price has been volatile with major ups and downs in the last three quarters. The stock price has been illustrating a sideways trend forming a symmetrical triangle pattern over the daily chart.
Recently, the Morgan Stanley stock experienced the breakdown of the lower trendline support of the symmetrical triangle pattern. The price halted near the immediate support of $77; possibly awaiting the quarterly results. An optimistic quarterly result may invite more investors and the stock price may show gains.
Moreover, disappointing quarterly results might drag the price to the lower levels, thus, continuing with the ongoing trend.
Morgan Stanley stock derivatives data analysis states that the current implied volatility in the market is 31.86% with an increment of 0.53% in the last trading session. The at-the-money strike price has 1118 open contracts on the PUT side and 1444 open contracts on the CALL side indicating the dominance of sellers at the CMP.
Morgan Stanley Stock Price Forecast For 2023
The average analyst price target for Morgan Stanley stock in 2023 is $96.57 which represents a potential upside of 20.84% from the current price. However, there is a wide range of analyst price targets between $80 to $112.
The most optimistic analysts believe that Morgan Stanley stock could reach $112 in 2023 indicating an upside potential of over 40.16% if the global banking and financial industry grows strongly.
Technical Indicators Signal Weakness Over the Chart
The overall technical indicators including RSI and MACD opinion rating for the MS stock is a 90% “sell” with a strengthening short-term outlook on maintaining the current trend.
Conclusion
Morgan Stanley stock price witnessed a sharp selling after breaking below the lower trendline and suffering rejection from the 200-day EMA. The company provides investment banking products and services to clients and customers including corporations, financial institutions, and governments.
The company is yet to announce quarterly results on 18th October post which the stock price might decide a clear trend. Analysts are bullish and have an average estimate of $96.57 with an upside potential of over 20%.
Technical Levels
- Support Levels: $77.29 and $74.97
- Resistance Levels: $81.04 and $89.48
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
