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

By James Quinn

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 $51.77 and $52.36 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.

There is potential upside of 8.8% for shares of Oracle Corp based on a current price of $52.27 and an average consensus analyst price target of $56.87. The stock should find resistance at its 200-day moving average (MA) of $53.75, as well as support at its 50-day MA of $50.37.

Over the past year, Oracle Corp has traded in a range of $37.62 to $57.06 and closed yesterday at $52.27, 39% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.2%.

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