Stock Of The Day: Morgan Stanley — False Breakout Or New Uptrend?
Stock Of The Day: Morgan Stanley — False Breakout Or New Uptrend?
When stocks are moving higher, the markets are full of remorseful sellers. These investors and traders regret selling their stocks after the price eventually moves higher.
當股票上漲時，市場充滿了後悔的賣家。這些投資者和交易者在價格最終上漲後後悔賣出股票。
This psychology can be seen in charts. It is a common dynamic in the financial markets. That's why our team of expert traders and technical analysts have picked Morgan Stanley (NYSE:MS) to be our Stock of the Day.
這種心理在圖表中是可以看到的。這是金融市場中的一種普遍動態。這就是爲什麼我們的專業交易員和技術分析師選擇摩根士丹利（紐交所：MS）作爲我們的每日股票。
As you can see on the following chart, the $94.00 level was resistance for Morgan Stanley in January, March, and April. In May, the resistance broke and the shares moved higher.
正如您在下圖中所見，94.00美元是摩根士丹利在1月、3月和4月的阻力位。5月份，阻力被突破，股價上漲。
But then the shares reversed and made it back down to $94.00 in June. At this point, the level that had previously been resistance converted into a support level. Then the price moved higher.
但是，股價在6月份回落並回到了94.00美元。此時，以前的阻力位轉化爲支撐位。然後價格上漲。
Levels that were resistance can convert into support because of seller's remorse. Many of the investors and traders who sold Morgan Stanley when it was at $94.00 came to regret their decision to do so.
由於賣家的後悔，曾經的阻力位可以轉變爲支撐位。許多當股票價格達到94.00美元時出售摩根士丹利股票的投資者和交易者後悔了他們的決定。
A number of them decided to buy their shares back at the price they were for sold at.
其中一些人決定按照當時的價格買回他們的股票。
So, when the shares got back down to $94.00 many of these remorseful sellers placed buy orders. And the large concentration of these orders created support at the level that had previously been resistance.
因此，當股票回到94.00美元時，許多這些後悔的賣家下了買單。這些訂單的大量集中在以前的阻力位上創造了支撐。
Now traders will be focusing on the $102.00 level. It was resistance in May. Now the shares are trading above it.
現在交易者將集中關注102.00美元的水平。它在五月份是阻力位。現在這些股票正在上漲。
If the stock eventually reverses and gets back down to $102.00, it may become a support level. And if it does it should set the stage for a new move higher.
如果這支股票最終逆轉並回落至102.00美元，它可能成爲支撐位。如果真的這樣，它應該爲新的上漲奠定基礎。
Stocks don't go up in straight lines. An uptrend is like a staircase of trading ranges. And what was the top of one range (resistance) becomes the bottom of the next range (support).
股票不能一路上漲。上漲趨勢就像交易區間的樓梯。一個範圍的頂部（阻力）成爲下一個範圍（支撐）的底部。
But if there isn't support around $102.00, traders will say the stock has made a 'false breakout'. This is important because false breakouts tend to proceed big moves lower.
但是，如果102.00美元左右沒有支撐，交易員們會說這支股票經歷了“假突破”。這很重要，因爲假突破往往會導致大幅下跌。
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