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.