ORCL finds buyers again around 46.42


Oracle Corp. (ORCL) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
ORCL closes below its opening price unable to hold early session gains
ORCL fails to close above 50-day moving average
ORCL closes lower for the 3rd day in a row
ORCL ends the day on a bearish note closing near the low of the day
ORCL finds buyers again around 46.42
TQ Sentiment
Report Sentiment: 36% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, ORCL finished Thursday at 46.54 losing $0.19 (-0.41%). Today's closing price of 46.54 marks the lowest close since May 8th. Trading $0.37 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ORCL
Volatility

Thursday's trading range was $0.64 (1.37%), that's slightly above last trading month's daily average range of $0.64. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Prices are trading close to a key support level at 46.25. After having been unable to move lower than 46.45 in the prior session, the market found buyers again around the same price level today at 46.42. After spiking up to 47.06 during the day, the stock found resistance at the 50-day moving average at 47.00.

Trend

Although Oracle Corp. is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might speed up should prices move above the close-by swing high at 47.26 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 46.25 where further sell stops could get triggered. Further buying might move prices higher should the market test April's close-by high at 47.29.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Oracle Corp.
Condition Forecast Direction Win Avg Worst Best Events
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Break through SMA 200 TQ Pro Members Only
Bearish Bounce off SMA 200 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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