Terra Tech Corp. (OTCMKTS:TRTC) Revs Up, Closes Nearly 25% in the Green

A two-week streak of disappointing sessions came to an end on Friday. Terra Tech Corp. (OTCMKTS:TRTC) shifted in forward gear and the company put on about 40% in just two sessions. Friday saw low volume but the reversal in price seems to have boosted trader confidence, as yesterday the company moved 2.6 million shares, closing 24% up.

The company last green surge was triggered by the events surrounding the Las Vegas planning commission hearings where TRTC received unanimous approval for its proposed dispensary location on Western Avenue. The ticker bounced off a six-month low and sailed back near $0.40 per share.

Contrary to what logic appears to dictate, after finally posting a quarterly report that had strong revenues, then getting the company’s long-awaited approval for a pot-related site with the city of Las Vegas, TRTC‘s chart movement took a sharp turn for the worse.

It’s difficult to tell whether the new recovery is purely technical or has something to do with the approaching final approval of the Western Avenue dispensary on October 29. The previous time the stock ran up, the move started in advance of the actual news of the approval. However, this time it’s more than a week until the final outcome will be made public, so it’s difficult to imagine people are loading up that early.

Technical aficionados will note that yesterday’s close brought the price above the 50-day moving average. Whether this will prove to be the first step of an extended recovery or the price will stumble like it did last time it burst through the MA in late September remains to be seen.