MORGAN STANLEY - Daily - Technical analysis published on 01/11/2023 (GMT)

Shares in Morgan Stanley (symbol ‘MS’) is steadily making gains on its share in 2023 in an effort to gain back the losses incurred in December. MS is expected to release its earnings report for the quarter ending December 2022 on Tuesday 17th of January, before market open. The consensus estimate for earnings per share is $1,25 compared to the result for the same quarter last year of $2,08.  
‘As with the majority of the big banks, MS shares started making gains in the early days of the new year after an extended cycle of monetary tightening ’ said Antreas Themistokleous, an analyst at Exness: ‘The 8th largest bank by market cap in the USA started off strong in the year while its estimated earnings for the last quarter is the lowest for 2022.”  
From the technical point of view the price is trading on a rather strong technical point on the chart with the cross of the 50 day moving average above the 20 day and also just above the 38.2% of the daily Fibonacci retracement level. 
Although the price made a valid break above the moving averages and also manages to stay above the daily bullish trendline there are some indicators of a correction to the downside like the Stochastic indicator near the overbought levels and the Bollinger bands contracting slightly. 
If the correction is seen then we might see some support on the price around the $85.50 which consists of the 100 day moving average and also just above the 50% of the Fibonacci and the bullish trendline.