Is Oracle Attempting a Breakout?
Oracle has performed better than most technology and software companies, and now it may be attempting a breakout.
The first pattern on today’s chart is the triangle that took shape in December. Prices ended 2022 slightly above the top, and buyers jumped in yesterday.
Second is the $84.50 level. It was resistance in June 2021, support three months later and then resistance again last March and December. Can ORCL push through on the next test?
Third, MACD has fallen steadily for the last four weeks. This prevented a breakout following a strong quarterly report last month, but now the oscillator has started rising. That could suggest momentum is turning back in favor of the bulls.
Finally, moving averages are potentially bullish. The 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA last month. The 8-day exponential moving average (EMA) has also remained above the 21-day EMA since late October.
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TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the triangle that took shape in December. Prices ended 2022 slightly above the top, and buyers jumped in yesterday.
Second is the $84.50 level. It was resistance in June 2021, support three months later and then resistance again last March and December. Can ORCL push through on the next test?
Third, MACD has fallen steadily for the last four weeks. This prevented a breakout following a strong quarterly report last month, but now the oscillator has started rising. That could suggest momentum is turning back in favor of the bulls.
Finally, moving averages are potentially bullish. The 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA last month. The 8-day exponential moving average (EMA) has also remained above the 21-day EMA since late October.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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