Tesla's ( TSLA) beat-up stock has found support on the charts, for now. After a brutal stretch this month that brought the stock's year-to-date decline to more than 30% at one point, Tesla's stock has rallied back above the 100-day moving average, Yahoo Finance data shows. The 100-day moving average is a key measure of longer-term market sentiment.

Tesla stock is gaining ground following a recent report suggesting that the company could be on track to receive a $400 million contract through the U.S. State Department. However, subsequent developments are casting doubt on whether the deal will actually go through. The stock is also getting a boost from bullish analyst coverage.

The price of Tesla stock has dropped by 23.93% since Trump became president — however, it is still up 29.02% since he was elected.