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A big bank is not like the other one.
"We need to see these things break above that, start reversing some of those downward trends and moving past some of these falling moving averages to make it a more sustainable move," he said. he declares.
"When I look at this, we have already made the reversal of the downtrend," said Johnson, who heads Piper Jaffray's technical research group, in the same interview with "Trading Nation".
"We are starting to see that this stock has seen very low levels, lower lows, lower lows, and this is really starting to reverse the downtrend," he said. "For me, Morgan Stanley is the most appealing name of these names that will be reported next week, so … that would be the one we're focusing on right now."
Morgan Stanley shares gained more than 4% during Friday's trading session. The company is expected to release its results on April 17.
Disclosure: Joule Financial has positions in JP Morgan and Wells Fargo. Piper Jaffray creates a market in the security of, and will buy and sell Citigroup's securities on a principal basis.
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