Tesla is under pressure again this week, but TradingAnalysis.com founder Todd Gordon says that spells opportunity for savvy investors to build out a position.
Speaking with CNBC's "Trading Nation" on Thursday, he said the long-term prospects for Tesla look strong and he predicted that CEO Elon Musk's electric vehicle maker will marry with his space exploration company SpaceX to give it a cutting-edge advantage in the space.
"Tesla, with its efforts in space with SpaceX, with Starlink, they just launched another mission, ultimately I think the game will be won when global internet connectivity from the sky links all the Tesla's fleet whether it's taxis or individual passenger cars, so I think Tesla is going to control it," he said.
On a shorter-term basis, Gordon said its technical setup points to upside.
"I think we might have … a little bit more consolidation through the summer before we ultimately move higher. I think, however though, that the lows are in place with Tesla and I think the reward is very large compared to the risk," said Gordon.
That bullish outlook changes if Tesla breaks below $545 a share, but Gordon does not expect that. It closed Thursday at 572.84.
Gordon sees two ways to play its pullback. The first, he said, is to buy the stock outright and add a stop order at $550.
The second is to look to the options market. He targets a retest of its $700 region heading into earnings expected late July or early August.
"A trade you can do is do a call spread, buying the 650 strike call in those July  monthly expirations, selling a 700 call, a $50 spread for which you will pay $11.20," said Gordon. "I have $1,100 roughly of risk to make 3800. Really good reward-to-risk ratio."
Tesla shares are down nearly 20% in 2021. It has pulled back 36% from its late January peak.
Disclosure: Gordon holds TSLA.