Tesla stock was an investor favorite in 2013, but the electric car maker has been stuck in a logjam.
Since the company's stocks spiked by 344 percent that year, Tesla has essentially been bouncing between two well-defined levels.
"It's been almost in a sideways range in the past few years, a very wide trading range with about $185 acting as a downside support, and $285 as an upper-level resistance," Oppenheimer technical analyst Ari Wald said Monday on CNBC's "Trading Nation." "Given this lack of a trend, it's not my favorite long idea, it's not my favorite short idea, so I see better opportunities elsewhere."
Despite the carmaker's insistence that it's on track to meet its delivery goals, Tesla has been plagued with manufacturing problems. The company also reported a wider-than-expected loss for the first quarter that sent its shares sinking.
Tesla also recently announced that it was moving up its production targets by two years to meet an advanced deadline, aiming to complete 500,000 vehicles by 2018. The plan has some, including Crossing Wall Street editor Eddy Elfenbein, worried that such a plan may send Tesla shares into reverse if things don't go as planned.
"My fear is if they miss that for any reason, it would be punished very severely on the market. Right now I don't see any momentum with this stock," he said Monday.
Tesla shares are down some 17 percent in the past month.