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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. Today's price range of $46.01 and $47.02 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.

Over the past year, Oracle Corp has traded in a range of $37.62 to $57.06 and is now at $46.88, 25% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 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.

Oracle Corp (NYSE:ORCL) has potential upside of 21.3% based on a current price of $46.88 and analysts' consensus price target of $56.87. The stock should find initial resistance at its 50-day moving average (MA) of $52.14 and further resistance at its 200-day MA of $54.32.

SmarTrend recommended that its subscribers protect gains by selling shares of Oracle Corp on December 31st, 2019 by issuing a Downtrend alert when the shares were trading at $52.70. Since that call, shares of Oracle Corp have fallen 10.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle oracle corp

Ticker(s): ORCL