Oppenheimer's Chart Expert Says The $290-$300 Range For Tesla's Stock Is Important

Wald, head of Oppenheimer's technical analysis, explained during a CNBC "Trading Nation" segment that Tesla's stock is now down more than 20 percent from its highs but there could be further pain for bulls ahead. Specifically, Tesla's stock is hovering within striking distance of the $290–$300 range, which represents a former breakout level but will now act as a support level. From 2014 through 2016 Tesla's stock mostly traded below the $290–$300 range but broke above this year, he explained. If Tesla's stock stages a rebound from this range, then bulls have little reason to be concerned over the longer term.

Tesla's Stock Reliant On Car Sales

Taking a different approach, Boris Schlossberg of BK Asset Management noted that the key to Tesla's stock is no different from any other company: sales.

Tesla has been lucky it never faced a demand problem for its cars; however, it has faced supply problems, he continued. As such, meeting demand with supply has always been Tesla's "big Achilles heel" as the company has also gained a reputation for falling short of expectations.

If Tesla can deliver around 200,000 cars, then the stock will bounce back, Schlossberg added. But if it disappoints investors in delivery numbers, then Tesla's stock will "get into trouble" and could easily sell off hard.