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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. Yesterday's price range of $53.95 and $54.22 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.

In the past 52 weeks, Oracle Corp share prices have been bracketed by a low of $42.40 and a high of $54.58 and closed yesterday at $54.15, 28% above that low price. The 200-day and 50-day moving averages have moved 0.20% higher and 0.64% higher over the past week, respectively.

There is potential upside of 5.0% for shares of Oracle Corp based on a current price of $54.15 and an average consensus analyst price target of $56.87. The stock should discover initial support at its 50-day moving average (MA) of $51.97 and subsequent support at its 200-day MA of $48.93.

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 15.4%. We continue to monitor ORCL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle oracle corp

Ticker(s): ORCL