ORCLD trade ideas
$ORCL with a Neutral outlook following its earnings #Stocks The PEAD projected a Neutral outlook for $ORCL after a Negative under reaction following its earnings release placing the stock in drift D
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Oracle earnings previewActually fell out of the rising wedge (Whiteline) into a pennant(Yellowline), broke out of the pennant and got rejected trying reentering the wedge. Found support on pennant top.
I would be very surprised to see this stock hit new highs on earnings. Usually when a stock has a massive run up before earnings like this stock did with a 60% gain since 2021 they rank even with a earnings beat. Just look at MSFT earnings aftermath.
I think we'll see a dip back to .5 fibonacci at around 70$ and consolidate.
Let's see.
ORCL LONGAnalysis: $ORCL - Oracle is an information technology company and makes all sorts of products and services. Fundamentally ORCL is worth upwards of $170/share when compared to its industry peers. Technically ORCL is finishing a wave 4 correction, and should see a nice bull run again to catch up. Look for a break over $79.50 for your initial long entry, with additions on breakout confirmation over $81.00. Play invalidates under the uptrend line.
Key Levels to Watch
Breakout Level: $32.50
Resistances:
R1: $80.65
R2: $81.00
R3: $84.00
R4: $86.15
Supports:
S1: $78.70
S2: $78.15
Ways to Play:
June 18th calls have the highest open interest as well as Jan 21st of 2022. Look for a strike near or in the money.
Shares are also safe
