ORCL tanks, loses $2.37 (-4.91%) within a single day
Moving lower for the 2nd day in a row, ORCL finished Thursday at 45.90 tanking $2.37 (-4.91%) on high volume. This is the biggest single day loss in over two months. Today's closing price of 45.90 marks the lowest close since May 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 48.09, the share confirms its breakout through the prior session's low having traded $2.43 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Thursday's trading range was $1.36 (2.89%), that's far above last trading month's daily average range of $0.71. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 45.47. Breaking below the key support level at 46.04 today, it is now likely to act as resistance going forward.
Oracle Corp. shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The stock broke below the 100-day moving average at 48.04 today for the first time since March 20th.
Further selling might move prices lower should the market test May's nearby low at 44.49.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Oracle Corp.
|Close to R1 Resistance||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
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