Morgan Stanley Towards Test of Key Resistance
Mid-Day Minute for Wed March 17th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Morgan Stanley (NYSE: MS) continues yesterday’s surge off of the bullish confluence EMA’s that bunched together just above 29.00, and which has helped to catapult the price structure towards a test of key resistance at 31.00/10. Purely from a technical perspective, the future of near- and perhaps intermediate-term price direction in MS will be determined by either a thrust above the Oct-Mar down trendline (31.00), or a violation of 29.00. Right now, the weight of evidence argues for a challenge of 31.00.
