Tech IPOs have been on fire.

Since going public, shares of Roku, Stitch Fix, DocuSign and Dropbox have all soared, rising a respective 399 percent, 193 percent, 48 percent and 25 percent from their IPO price. But after a torrid start, shares of Dropbox have fallen back to earth, with shares flirting with 52-week lows. And one widely followed chart watcher sees that as an opportunity.

"It has a lot of appeal technically as a name that potentially could start to play catch-up," Mark Newton, president and founder of Newton Advisors, said Tuesday on CNBC's "Trading Nation," acknowledging the stock is down meaningfully since its post-IPO high.

Shares of Dropbox, a San Francisco-based cloud storage company, have traded in a volatile range, rising as high as $43 a share in June only to touch a low of $24.78 just last week. Still, Newton prefers Dropbox shares to shares of Roku and Stitch Fix, which Newton said have gotten stretched and are overdone at current levels.

"[Dropbox] has been almost cut in half over the last few months, and really, at current levels, you're starting to see evidence of this stabilizing finally," Newton said.

Dropbox has moved up to the highest close since August, and the charts show that the stock has potentially put in a bottom, Newton explained.

Dropbox shares were trading lower on Wednesday at $26.13 per share.