With the future of work still uncertain at many companies, what should investors consider buying? Jim Cramer offered up a few suggestions during Thursday night's Mad Money program, including Morgan Stanley (MS) for a safe bet in the financial sector.
Let's check out a few charts of Morgan Stanley.
In this daily bar chart of MS, below, we can see that the shares were halved from February to the middle of March. MS rebounded in late March and then made a very brief and relatively shallow retest of the March low in early April. The rally quickly resumed in April and again in the middle of May.
Prices are trading above the rising 50-day moving average line and the rising 200-day moving average line. We are currently witnessing a bullish golden cross of the 50-day line and the 200-day line -- obviously late but that is the nature of moving average signals.
The On-Balance-Volume (OBV) is rising and telling us that buyers are more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is turning up for a new outright buy signal.
Bottom-line strategy: Risking a close below $46, traders could go long MS. The $83 area is our next upside price target.