Last week was an important one for Morgan Stanley (NYSE:MS) from a technical perspective as the share price rallied strongly, closing with a wide spread up candle on good volume, perhaps a little below what we might expect, but nevertheless supportive as the stock break away from the volume point of control at $48 where is has remained since the summer.
Morgan Stanley
Indeed it was the gap up of the second week of November which signaled the rally and through the ceiling of previous weakness early in the year where the stock topped out at $57.57 before collapsing in February and March as the pandemic struck. Now with this area breached, this stock looks set for further gains and with volume falling away rapidly on the VPOC histogram we can expect to see Morgan Stanley gather pace and move firmly higher in the longer term, supported by the trend monitor indicator for NinjaTrader which remains firmly bue.
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