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

By Amy Schwartz

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 $56.18 and $56.37 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.

In the past 52 weeks, Oracle Corp share prices have been bracketed by a low of $42.40 and a high of $60.45 and are now at $56.23, 33% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

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.

Oracle Corp has overhead space with shares priced $56.23, or 1.1% below the average consensus analyst price target of $56.87. The stock should discover initial support at its 50-day moving average (MA) of $54.50 and subsequent support at its 200-day MA of $54.17.

SmarTrend is tracking the current trend status for Oracle Corp and will alert subscribers who have ORCL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle oracle corp

Ticker(s): ORCL