PPR - Motorcity, Inc. (MOTR) Bottom-Fishing Pocket Pivot Into Earnings Tomorrow
MotorCity, Inc. (MOTR) will announce earnings tomorrow after the close, and today's action might be a clue with respect to a favorable earnings report, although the stock still has to get through another full day of trading tomorrow. The chart below shows a "bottom-fishing" type of pocket pivot coming up through the 50-day moving average after a period of rounding out the lows of what may be a potential cup base. MOTR came public back in June of 2010 at $10-per-share, and subsequently tripled after building a base throughout the summer of 2010 and then breaking out with the market in September 2010. This recent pullback is about 50% deep, so the stock is trying to come up the right side of what would be a very deep cup. The idea here would be to use the blue 50-day moving average as a rough selling guide.
Chart courtesy of HighGrowthStock Investor (www.highgrowthstock.com), Copyright 2011.
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