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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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