Three stocks to buy on recent weakness: Technician

Lastly, Ross pointed to Tesla as a stock to buy when volatility picks up.

Despite the stock’s recent weakness, down 22 percent from its September high, Ross stressed the importance of looking at a longer-term chart in order to get a better grasp of its performance.

“The stock is up against the ropes, and we’ve pulled back to critical long-term support at the high end of this very well-defined multiyear base of support [around the $280 level],” he said.

He added that if Tesla’s stock is able to hold above the support level at the 50-week moving average, you’re going to get a sharp move in the opposite direction. “In this case, it’s higher,” Ross explained.

Tesla shares are up more than 40 percent this year.