Rich Ross Is Bullish On Morgan Stanley

Rich Ross of Evercore ISI spoke on CNBC's Trading Nation about Morgan Stanley MS. He believes the stock should be bought after it jumped approximately 2 percent on better than expected earnings.

He is bullish because the stock bounced of a significant technical support. He explained that the 150-day moving average and a previous resistance from 2016, which is now a support, are close to the psychological level of $40. The stock held this level on a pullback and Ross sees that as a reason to buy it.