Nonetheless, it might not be entirely bleak for Tesla, as a series of new catalysts could be rejuvenating the stock’s long-term bullish outlook.

The opportunity ahead of it is likely a big reason why Tesla's stock price has climbed 12% since August 1. This move was large enough for Tesla shares to recapture their 200-day moving average and attract the attention of Fundstrat's Head of Technical Strategy, Mark Newton.

Tesla stock rose early Monday, adding to recent gains. Shares are looking to recapture some recently lost momentum leading into the company’s June launch of a robo-taxi service in Austin, Texas. Another strong day or two brings a stock price of $368 back into focus for technically minded traders.