MORGAN STANLEY BULLISH ON NEWS OF BITCOIN SWAP OFFER

Morgan Stanley is currently trading at $47.88–higher by 0.87% from the previous close

In Premarket trading on Thursday, Morgan Stanley was trading higher by 0.17%. The stock closed at $47.46-lower by 0.8% on Wednesday.

In recent news, Bloomberg reported on Thursday that Morgan Stanley plans to offer trading in derivatives tied to bitcoin. Also, the bank does not plan to trade bitcoin directly and its swaps are tied to bitcoin futures contracts. The product is ready to go live, but the firm is waiting for the right amount of demand from institutional clients. Morgan Stanley, which has been clearing bitcoin futures trades for its clients, is the most recent bulge-bracket bank to dive deeper into the market for digital currencies.

Further back, the bank had hired Andrew Peel from Credit Suisse in June as head of digital assets, according to Bloomberg

On the technical front, the RSI is currently at 38.99% and suggests that the market can move in the upward direction. The %K has crossed the %D from below to the upside at 12.89 and suggests that the market may head upwards. The Current Price is below the middle line of the Bollinger Bands but is heading upwards.

Overall Bias is Positive and trades can be initiated with tight Stop Loss and Profit targets to book profit for the short term.

 

TRADE SUGGESTION-LIMIT BUY AT 47.85 TAKE PROFIT AT 48.25 STOP LOSS AT 47.65

 

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