ORCL closes within previous day's range
Oracle Corporation (ORCL) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
ORCL ended the week 9.16% higher at 49.83 after edging lower $0.65 (-1.29%) today, but still strongly outperforming the S&P 500 (-3.37%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ORCL as at Mar 27, 2020):
Friday's trading range has been $3.04 (6.19%), that's slightly below the last trading month's daily average range of $3.38. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ORCL.
Prices are trading close to the key technical support level at 48.25 (S1). After spiking up to 51.60 during the day, the stock found resistance at the 50-day moving average at 51.16. The last time this happened on February 4th, ORCL actually gained 1.30% on the following trading day.
Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
As prices are trading close to March's high at 51.84, upside momentum might speed up should Oracle mark new highs for the month.