Oracle Corp (ORCL) - December 21, 2022
Oracle Corp (ORCL) has moved into to the green Favored Zone in the
SIA S&P 100 Index Report last week. It is currently ranked 22nd in the report having moved up 12 spots over the last month. Oracle Corp offers
products and services addressing enterprise information technology environments
worldwide including various cloud software applications. Oracle offers more than 100 cloud
infrastructure and platform services and has 41 cloud regions in the world.
In Oracle’s recent earnings release, it’s cash flow from operations
soared in the most recent quarter jumping $5.5B compared to last year and overall
revenue increased 18% from last year. Since the start of October, ORCL has been
gaining relative strength moving up from its 52-week low around $60 in an
upward trend. The last month has seen some consolidation between $80-$85, with
support building around $80 based on the recent activity and prior moves. Above
both the 50- and 200-day moving average, it will be key to watch if ORCL can
break out of this area to the upside to challenge its 52-week high around $90.
Looking at a point and figure chart at a 2% scale, Oracle Corp
(ORCL) has moved down to its first support level at $77.60. A move below this
could see support around $70.29 come into play. Further support could be found
between $60, it’s low from October, and $62.41.
Potential resistance above could be found at $85.68 which is the
high from earlier in December and is based on a 3-box reversal. Further resistance
above should it break above this level could see $98.42 come into play which
ORCL was trading around at the end of 2021.
With its bullish SMAX score increasing to a perfect 10, ORCL is
exhibiting strength across all asset classes.
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