So, what's up with Rackspace Technology (RXT) today? The stock is on the move as investors position themselves ahead of the company's quarterly report card, due out tomorrow.

Let's talk numbers. For the fourth quarter, the consensus on Wall Street is calling for a loss of 1 cent per share on revenue of $672.56 million. That follows a third quarter where Rackspace posted a loss of 5 cents per share—right in line with what analysts expected—and revenue of $671.20 million, which just edged past the forecast of $666.83 million. Over the last four quarters, the company has been remarkably consistent, averaging an earnings surprise of just 0.24% and a revenue surprise of a mere 0.01%. They don't tend to shock the market.

But there's a new wrinkle in the story. Last week, Rackspace announced a strategic partnership with Palantir Technologies (PLTR). The plan is to deploy Palantir's artificial intelligence platform within Rackspace's Private Cloud and its UK Sovereign data centers. It's the kind of deal that adds a buzzword-heavy "AI catalyst" to the narrative, giving investors something beyond the usual quarterly figures to consider.

Now, let's look at the chart. It tells a story of two different time frames. Over the past year, it's been a rough ride for Rackspace shareholders, with the stock down about 43%. Ouch. But zoom in on the recent action, and the picture changes. The stock is currently trading 103% above its 20-day simple moving average, nearly 70% above its 50-day average, and over 36% above its 100-day average. That suggests a pretty sharp recent uptrend off those lows. With a current price around $1.51, the stock is sitting much closer to its 52-week high of $2.89 than its 52-week low of 39 cents. So, while the long-term chart might give you vertigo, the short-term momentum has been pointing up.

All of this sets the stage for tomorrow's earnings. Will the numbers meet the quiet expectations? Will management talk up the new AI partnership? Investors are deciding now.