ORCL unable to break through key resistance level

Oracle Corporation (ORCL) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team


ORCL unable to break through key resistance level
ORCL stuck within tight trading range
ORCL closes within previous day's range after lackluster session


ORCL finished the week 1.37% higher at 55.47 after gaining $0.16 (0.29%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (ORCL as at Feb 14, 2020):

Daily technical analysis candlestick chart for Oracle Corporation (ORCL) as at Feb 14, 2020

Friday's trading range has been $0.59 (1.07%), that's below the last trading month's daily average range of $0.78. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ORCL. Prices continued to consolidate within a tight trading range between 55.01 and 55.89 where it has been caught now for the last three trading days.

Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star.

Prices are trading close to the key technical support level at 55.01 (S1). Unable to break through the key technical resistance level at 55.69 (R1), the share closed below it after spiking up to 55.83 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. When prices bounced off a significant resistance level the last time on Tuesday, ORCL actually gained 1.05% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might speed up should prices move above the close-by swing high at 55.89 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 55.01 where further sell stops could get activated. Trading close to December's high at 56.66 we might see further upside momentum if potential buy stops at the level get triggered.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Oracle. Out of 703 times, ORCL closed higher 55.33% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.74% with an average market move of 0.92%.

Market Conditions for ORCL as at Feb 14, 2020

Loading Market Conditions for ORCL (Oracle Corporation)...
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