New York, October 1st (TradersHuddle.com) - Shares of Morgan Stanley (NYSE:MS) ended the trading session lower by $0.1 or -0.59% from its previous close. Morgan Stanley's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Morgan Stanley (NYSE:MS) is a bank holding company that operates a global securities business which serves individual and institutional investors and investment banking clients. Morgan Stanley also operates a global asset management business.
Morgan Stanley's current stock range is determined by calculated support defined at $16.30 and by the resistance level at $18.50, which should be used by traders planning their next move.
If traders want to establish a position in Morgan Stanley, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Morgan Stanley for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: