Meanwhile, financial giant
(MS - Get Report) is looking primed for a change of luck. Investors in the $29 billion firm haven't exactly been lucky this year. Since the first trading day of January, Morgan Stanley has slipped close to 4% while the rest of the financial sector has rallied almost 11%.
That's meaningful underperformance. But here's why MS could be a slingshot stock this week too.
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Morgan Stanley is currently forming a double bottom pattern, a setup that's formed by two swing lows that show up at approximately the same level. The buy signal comes on a breakout above the peak that connects the two lows, in Morgan Stanley's case right at $15. With shares just below that breakout price this week, shares of the firm could be in store for a breakout sooner rather than later.
If you decide to buy MS on the move above $15, I'd recommend keeping
a tight stop loss