Morgan Stanley (MS) recently broke above the weekly ascending triangle pattern, signaling a potential bullish continuation. This breakout is supported by strong Q2 earnings and a positive outlook on upcoming strategic deals, indicating sustained upward momentum.

Wave Analysis (Elliott Waves): The recent price action suggests that MS is currently in the third wave of a larger impulsive sequence, which typically represents the strongest part of the trend. Previous corrective waves (Wave 2) provided a solid base for this upward move, confirming the potential for continued gains.

Fibonacci Levels: Using the prior swing low to swing high, the stock has retraced near the 38.2% Fibonacci level before resuming its upward trajectory. The next major targets based on Fibonacci extensions are 200 (primary target) and 210 (secondary target), aligning well with the bullish Elliott Wave count.

Support and Resistance: Immediate support is now located near 180, which coincides with the breakout level of the ascending triangle. Resistance lies around 200, matching the Fibonacci extension and psychological round number level. A confirmed close above 200 could open the path to higher levels.

MACD: The MACD line has crossed above the signal line on the weekly chart, reinforcing bullish momentum. The histogram is expanding, indicating increasing upward strength and minimal signs of reversal at this stage.

RSI: The Relative Strength Index is approaching the 70 level, suggesting strong bullish momentum but signaling that the stock is nearing an overbought condition. Traders should monitor RSI for potential short-term pullbacks, although the overall trend remains positive.

In conclusion, Morgan Stanley’s technical profile supports a bullish continuation, with a primary price target of 200. Investors should watch support at 180 and monitor MACD and RSI for confirmation and risk management. The combination of strong fundamentals and technical alignment makes MS an attractive candidate for both swing and medium-term trades.