Morgan Stanley (MS) beat expectations for its latest earnings numbers Thursday morning. However, the shares weakened from their midday high. Let's check on the charts a bit closer to see what's happening with the stock.
In the daily bar chart of MS, below, we can see that the shares have been in an uptrend from early November. Prices look like they have turned sideways from early June. Prices have been testing the rising 50-day moving average line.
Trading volume has been steady since October but an increasing pattern of volume would have been preferred. The On-Balance-Volume (OBV) line shows a rise into early June.
The 12-day price momentum study shows lower highs from May to June to July to tell us that the pace of the advance is slowing. This could foreshadow a correction.