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Possible Bearish Inside Day Candle Pattern Detected for Oracle Corp (NYSE:ORCL)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Oracle Corp (NYSE:ORCL) based on the price action in the company's shares. Today's price range of $52.54 and $52.54 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Oracle Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Oracle Corp (NYSE:ORCL) has potential upside of 8.2% based on a current price of $52.54 and analysts' consensus price target of $56.87. The stock should discover initial support at its 50-day moving average (MA) of $48.72 and subsequent support at its 200-day MA of $48.19.

Over the past year, Oracle Corp has traded in a range of $42.40 to $53.48 and is now at $52.54, 24% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.7% while the 200-day MA has risen 0.2%.

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

SmarTrend recommended that subscribers consider buying shares of Oracle Corp on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.29. Since that recommendation, shares of Oracle Corp have risen 11.2%. We continue to monitor ORCL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle oracle corp

Ticker(s): ORCL