Morgan Stanley shares close higher on Monday, holding provides incorrect tax information to a contingent of customers

According to a February 27th regulatory filing, a “significant number” of Morgan Stanleys 3.5 million wealth-management customers were provided with incorrect tax information, which led to some of them underpaying, while others – overpaying.

Morgan Stanley shares closed higher on Monday, while marking their fourth gain in the past six trading sessions. The stock went up 0.68% ($0.31) to $45.84, with the intraday high and the intraday low being at $46.03 and $45.46 respectively. In the week ended on February 26th the shares of the financial holding company lost 1.34% of their market value compared to a week ago, which marked the first drop in the past five weeks. However, the stock has extended its advance to 7.88% so far during the current month, following a 0.57% increase in January. The latter has been a fourth consecutive monthly gain, but yet, the smallest one since July 2015. For the entire past year, Morgan Stanley shares gained 32.82%.

It became clear that the holding company was setting aside $70 million in order to cover the expenses related to this matter.

“We are committed to making this right for our clients with minimal inconvenience to them,” a spokesperson for Morgan Stanley said, cited by Reuters.

The bank was also reported to be in talks with the Internal Revenue Service in regard to the lapses that occurred during tax years 2011 through 2016.

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 – $45.89
R2 – $45.94
R3 (Range Resistance – Sell) – $46.00
R4 (Long Breakout) – $46.15
R5 (Breakout Target 1) – $46.34
R6 (Breakout Target 2) – $46.41

S1 – $45.79
S2 – $45.74
S3 (Range Support – Buy) – $45.68
S4 (Short Breakout) – $45.53
S5 (Breakout Target 1) – $45.34
S6 (Breakout Target 2) – $45.27

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

Central Pivot Point – $45.86
R1 – $46.49
R2 – $47.44
R3 – $48.07
R4 – $48.69

S1 – $44.91
S2 – $44.28
S3 – $43.33
S4 – $42.37