ORCL pushes through key technical resistance level
Oracle Corporation (ORCL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ORCL ended the month 2.79% higher at 55.27 after gaining $0.51 (0.93%) today, underperforming the S&P 500 (1.54%). Today's close at 55.27 marks the highest recorded closing price since February 20th. Closing above Monday's high at 54.96, the market confirmed its breakout through the prior session high after trading up to $0.48 above it intraday.
Daily Candlestick Chart (ORCL as at Jun 30, 2020):
Tuesday's trading range has been $0.95 (1.73%), that's below the last trading month's daily average range of $1.46. 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.
Buyers managed to take out the key technical resistance level at 55.00 (now S1), which is likely to act as support going forward. The last time this happened on June 22nd, ORCL gained 0.13% 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 55.97 where further buy stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Oracle. Out of 248 times, ORCL closed higher 56.05% 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 55.65% with an average market move of 0.23%.