Morgan Stanley falls within descending price channel - Analysis - 20-07-2018

Morgan Stanley's stock (MS) skidded in the intraday levels, as the stock trades within a descending correctional price channel in the short term as shown in the attached chart, while the RSI reached extremely overbought levels compared to the stock's movements, recording a 1.40% loss in the last session, or 0.71 points, and settling anew below the resistance of 49.91, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (From 40.43 to 59.38). 

Therefore we expect more losses for the stock, as long as it settles below 49.91, targeting the support of 47.67, which represents the ratio 61.8% of the same retracement levels.