Morgan Stanley amid negative outlook - Analysis - 28-06-2016

Morgan Stanley's stock tumbled in the intraday levels, recording a hefty loss of 3.71% in the last session, or 0.91 points, with an influx of negative signals from relative power indicators, coupled with ongoing negative pressure from the SMA for the last 50 days period, with the stock breaching the support of 23.88, representing the ratio 61.8% of Fibonacci retracement levels for an ascending wave in the short term (from 21.16 to 28.29). 

Therefore we expect more losses to come for the stock, targeting the support of 22.68, which represents the ratio 78.6% of the same retracement levels.