Morgan Stanley Rallies Off Major Support Level

Morgan Stanley

shares are trading higher $0.39 at $34.81 in Tuesday's session. Over the past four days the issue has had nearly identical ranges. For now, the consolidation period appears to have been resolved to the upside. During these four trading tradings sessions, a large buyer or group buyers have congregated at the $33.70 level. In a rare technical formation, four consecutive lows were made between $33.72 and $33.77. This type of formation may represent a large institution attempting to cover a short or build a long position. On many occasions, shorter-term traders can identify the large buyer and provide support at these designated levels as well, leaning on the large buyer bids to exit if needed. Until today, sellers capped the intraday rallies between $34.42 and $34.78. However, Morgan Stanley has cleared the upper-end of the range rallying to $35.09. That level rests between the two highs in the issue from January 26 ($35.16) and January 27 ($35.03).