Morgan Stanley driven lower by descending correctional wave - Analysis - 13-06-2018

Morgan Stanley's stock (MS) fell in the intraday levels, recording a new loss of 0.89% in the last session, or 0.46 points, while settling below the resistance of 52.14, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 40.43 to 59.38), with negative pressure from the 50-day SMA. 

Therefore we expect more losses for the stock, as long as the resistance of 52.14 holds on, targeting the next support at 49.91, which represents the ratio 50% of the same retracement levels.