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Fan Yang

Oracle (ORCL) Breaks Down Triangle - 38 Becomes Key Resistance

I have recently become slightly bullish on Oracle stocks from a technical perspective since it looked like it was confirming a double bottom seen in the daily chart. The market stalled after the double bottom and formed a triangle pattern. Before last week, the technical conditions were still slightly bullish, but after Friday's sell-off, ORCL appears to have ran out of gas before the bulls were even fully out of the gate. 

ORCL Daily Chart 12/14

(click to enlarge)

At this point, 38-38.20 is a key resistance. If price remains under this area, the bearish outlook is in play,k with the low around 35.20 in sight. However, if price can hold above the 37-37.20 area, and climb above 38.20, the double bottom is still valid, and a bullish outlook should reemerge. 

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