Oracle Corp Stock Code ORCL.NYS
Price broke below the cloud back on 27 October and reached a high of $55.14 on 9 November. A price correction managed to bring price higher to $59.08 but the rally was capped by the upper edge of the cloud as well as the Base line. As a result, price has declined below the cloud again. Capped by the Conversion line at $57.60, price could be about to move lower to the next support level at $53.38. Conversion and Base lines had a bearish crossover earlier, hinting of a bearish trend. Lagging Span is below price of 26 days ago and below the cloud at the moment, confirming the bearish trend. MACD has a bearish crossover and is likely to move lower, hinting of a bearish price trend ahead. We think the corrective rally is over and price is likely to move towards the support at $53.38.
$53.40 Price Target
$57.75 Risk Management Stop
3 weeks Trade Duration