Saturday, April 1, 2023

Is Oracle Ready To Rally?


Oracle Corp Daily Chart.

Ahead of next week’s earnings report (Dec. 9) shares of Oracle (NYSE:) are beginning to perk up. The stock has been consolidating since mid-September as it battled heavy resistance near the old highs: The September peak was printed shortly after ORCL’s wild post action on Sept. 11.

ORCL is piercing a key overhead trendline (links Sept/Oct highs) as the week comes to a close. The stock has a very solid foundation in place as it works on a fourth straight higher monthly low. We believe an upside resolution to the current consolidation pattern is looking very likely. Certainly one to watch next week.

Some levels to watch ahead of next Thursday’s news include this week’s low. A close below the $57.00 area would be a clear warning sign. The $59.00 (November high) to $58.35 area (50-day moving average) is a nearby support zone.

Note: We are long ORCL in some managed accounts.

You can read Gary S. Morrow’s original post here.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link


Please enter your comment!
Please enter your name here



Related Stories