- Oracle stock generated a golden EMA crossover and continues the bullish pattern
- ORCL stock price sustained above the 50 and 200 day EMA but the technical indicators are turning bearish
- NYSE : ORCL stock price is up by 6.86% on the monthly basis
The Oracle corporation [ NYSE : ORCL] stock price is trading with the bullish cues and bulls are trying to break out of the $90.00 hurdle level. However, the prices are overextended and might enter into wide range consolidation. Currently, NYSE : ORCL stock price is trading at $88.46 with the intraday gains of 1.27% and market cap stood at $238.51B
Will the Oracle stock outperform in 2023 ?
On a daily time frame, ORCL stock price is highly bullish and rising upward by forming higher high swings. In the beginning of January, ORCL prices had broken out of the narrow range consolidation zone which had triggered the positive sentiment and prices shot up 7.27% in a short span of time.
ORCL stock price attempted to break out of the 52 week high at $90.49 but unfortunately prices faced rejection from the higher levels indicates that the bear’s are still active on the higher levels. However, the price action seems to be in the favor of bulls and any dips towards the support zones will trigger the responsive buying from lower levels.
The technical indicators of Oracle stock are highly bullish and the prices sustained above the 50 and 200 day EMA which show the confidence of buyers at the lower levels. The MACD curve has negatively crossed the average line but it is likely to reverse upward in the coming few sessions and the RSI at 59 sloping upwards denotes the strength of bulls. On the lower side, $84.00 will be acting as support levels for the bulls and if prices slipped below $84.00 then the ORCL can retest the 200 day EMA (green).
Summary
Oracle Corporation stock seems to be highly bullish and buyers are continuing its dominance on the lower levels. The technical analysis suggests that the ORCL prices seems overextended and might spend some time in the consolidation zone before deciding the further direction.
Therefore, Investors and traders might look for buying near to the 50 day EMA retracement for the better risk reward ratio by keeping $76.00 as SL. However, if the ORCL price slipped below $76.00 then it will reverse the trend in the favor of bears.
Technical levels
Resistance levels : $90.00 and $99.00
Support levels : $84.00 and $78.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/01/oracle-corporation-orcl-stock-price-prediction-orcl-stock-price-faces-rejection-form-the-52-week-high/