Morgan Stanley shares fall for a third straight session on Wednesday, bank to decide on Brexit personnel relocation early in 2018

According to a statement by Morgan Stanleys President Colm Kelleher on Wednesday, the group is to decide on relocating personnel to selected hubs such as Paris, Dublin and Frankfurt due to Brexit in the very beginning of this year.

Morgan Stanley shares closed lower for a third consecutive trading session on Wednesday. The stock inched down 0.09% ($0.05) to $56.55, after touching an intraday low at $56.33, or a price level not seen since January 22nd ($56.13).

In the week ended on January 28th the shares of the financial holding company added 0.24% to their market value compared to a week ago, which marked a fourth consecutive period of gains.

The stock rose 7.78% in January, which marked a fifth straight month of gains. It has also been the best monthly performance since November 2016.

For the entire past year, Morgan Stanley shares gained 24.19% following another 32.82% surge in 2016.

“We’ll be making decisions very early this year. What the politicians don’t understand is these are people”, Kelleher said at a conference in Dublin, cited by Reuters.

As Brexit negotiations have been in a deadlock for months, a number of banks such as Morgan Stanley, Goldman Sachs, UBS and Royal Bank of Scotland prepare to move staff, infrastructure as well as capital to new trading hubs within the EU during the current quarter.

As financial institutions would prefer to postpone or even avoid implementation of their contingency arrangements, they still require at least a year to set up full-scale operations within the bloc.

According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Morgan Stanley’s stock price, have a median target of $60.00, with a high estimate of $72.00 and a low estimate of $40.00. The median estimate is a 6.10% surge compared to the closing price of $56.55 on January 31st.

The same media also reported that 17 out of 30 surveyed investment analysts had rated Morgan Stanley’s stock as “Buy”, while 9 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Morgan Stanley stock are presented as follows:

R1 – $56.62
R2 – $56.69
R3 (Range Resistance – Sell) – $56.76
R4 (Long Breakout) – $56.96
R5 (Breakout Target 1) – $57.20
R6 (Breakout Target 2) – $57.30

S1 – $56.48
S2 – $56.41
S3 (Range Support – Buy) – $56.34
S4 (Short Breakout) – $56.14
S5 (Breakout Target 1) – $55.90
S6 (Breakout Target 2) – $55.80

By using the traditional method of calculation, the weekly levels of importance for Morgan Stanley (MS) are presented as follows:

Central Pivot Point – $57.15
R1 – $58.18
R2 – $58.75
R3 – $59.78
R4 – $60.80

S1 – $56.58
S2 – $55.55
S3 – $54.98
S4 – $54.40