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

By David Diaz

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. Yesterday's price range of $52.22 and $52.67 is within the prior day'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 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.

In the past 52 weeks, shares of Oracle Corp have traded between a low of $42.40 and a high of $55.50 and closed yesterday at $52.59, which is 24% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

There is potential upside of 8.1% for shares of Oracle Corp based on a current price of $52.59 and an average consensus analyst price target of $56.87. Oracle Corp shares should encounter resistance at the 50-day moving average (MA) of $53.83 and support at its 200-day MA of $50.46.

SmarTrend is monitoring the recent change of momentum in Oracle Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Oracle Corp in search of a potential trend change.

Keywords: bearish am inside day candle oracle corp

Ticker(s): ORCL