MS, daily
Summary
Considering the big jump on Friday, today's decline is not entirely unexpected, and certainly it is declining from what is a very key resistance level.
There remains a significant amount of chatter out there about MS. Most of it is probably utter nonsense, entirely baseless, and nothing less than the usual 'world is going to end' doom chatter.
The technical levels are clear, MS needs to put in a few closes over the $17 level, that would open up a challenge of the March high of $21. Considering MS was in the low 12s just recently, that would make for one hell of a rally, almost a double!
I'll refrain from delving into any of the MS rumours, so many sites have already covered it across the last few weeks. Suffice to say, I won't be buying the MS dip.
A few more closes with MS stuck under $17 would be bearish, at least for a minor down cycle into the $14.50/15.00 zone.
