• Return to Headlines

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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Oracle Corp (NYSE:ORCL) based on the price action in the company's shares. Yesterday's price range of $52.95 and $53.14 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. Traders and investors interested in shares of Oracle Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 share prices have moved between a 52-week high of $57.06 and a 52-week low of $37.62 and closed yesterday at 41% above that low price at $53.02 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Potential upside of 7.3% exists for Oracle Corp, based on a current level of $53.02 and analysts' average consensus price target of $56.87. Oracle Corp shares should first meet resistance at the 200-day moving average (MA) of $54.73 and find additional resistance at the 50-day MA of $55.48.

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: bullish am inside day candle oracle corp

Ticker(s): ORCL