Morgan Stanley's shares down over 6% as profits fell due to 'lethargic dealmaking'

Morgan Stanley’s shares are down around 6% after its earnings release. The financial institution revealed that profits fell, dragged down by ‘lethargic dealmaking’. Its stock is now trading at around $75.72 a share. Looking at the chart based on the weekly timeframe, the price is now heading towards the support marked by the yellow oval, reading $74.67, which was formed this time last year. The stock may see a small bounce off from this support as it was a key level last year, but the key level this year has now turned to $72.23 (highlighted by the white trendline). A break below this trendline would indicate that a more downside is possible to around $67-$68 a share. It would be unreliable to discuss resistance levels as the bias continues to remain strongly bearish. This bias is emphasized by the technical indicators, the MACD is strongly negative and the RSI continues in the negative tone as well as it reads 36.