A couple of weeks ago, we saw strong evidence from price action that bulls were in control of Oracle $ORCL. Oracle (ORCL) - Price Action Suggests Bulls are Back in ControlThis turned out to be true as price extended above the $50 resistance and tagged $52 last week. There is still upside towards the key resistance and all-time-high at $53.15, and I believe if price gets there, it will push higher. ORCL Daily Chart(click to enlarge)Bulls Regain Control:- It should be noted that price was bullish until August 2017. Then ORCL retreated from $53.15.- We can see the sideways consolidation that occurred before the sudden drop to a lower range of consolidation.- The recent breakout essentially signals bullish continuation, but will be challenged by the resistance at $53.15.- I think we should anticipate support in the $49-$50 area now, if we believe bulls are indeed in control.- Also, I would not rely on the resistance around $53.15, especially if price confirmed support around $49-$50. - A break below $48 on the other hand, would be a sign of failure and would signal a longer period of consolidation, with downside risk extending to $40-$41 area.