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It was a back and forth session on Thursday, with little progress made in either direction. With that in mind, here’s a look at a few top stock trades for Friday.
Top Stock Trades for Friday No. 1: Morgan Stanley (MS)
Like most of the bank stocks, Morgan Stanley (NYSE:MS) is struggling to rally after reporting earnings. Shares slipped about 3% on Thursday after the company’s quarterly results.
The decline is sending shares of Morgan Stanley below $40, although it’s rebounding off the session lows. From here, the bank is sort of sitting in no man’s land on the weekly chart.
If the current low holds and shares continue to push higher, I want to see MS clear last week’s high near $42. Up near $43 is the 200-week moving average, while the 50-week and 100-week moving averages are near $44.50. These are reasonable upside targets if Morgan Stanley can clear last week’s high.
On the downside, though, I would like to see $36 hold as support. Below that puts $32 back in play, followed by a possible retest of the lows near $28.
Editor's Note: For the rest of the trades, click here.
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