Oracle stock price (NYSE: ORCL) is in a correction phase and forming a bearish pattern. It faced rejection from the $115.00 level and began to decline by forming lower low swings.
ORCL stock price failed to climb above the 50-day EMA indicating how the short-term trend remains down. Recently, it also slipped below the 200-day EMA which further raised concerns for long-term investors.
At present, the ORCL shares are near its previous breakout level at $100.00 which is acting as a support. It will be interesting to see whether the buyers can defend the support or not.
In the last two months, buyers tried twice to push the price above the 50-day EMA. However, due to the strong presence of sellers, the pullback rallies were sold off.
Oracle stock price had completely eroded the gains generated in June 2023 and lost a big portion of its market capitalization.
The price pattern of the stock is highly bearish and sellers look more active as compared to buyers. Therefore, investors need to be careful because it will be difficult for bulls to defend $100.
Oracle Corporation stock price closed the previous session at $101.65 with an intraday gain of 0.65%.
Sellers Look More Aggressive in Oracle Stock Price
Oracle stock price is inside the bears’ grip and no signs of recovery or reversal are visible. The share price has not performed well in the last few months and traded with a bearish bias.
Meanwhile, the technology sector stocks and broader market indices are in a downtrend. Hence, it is negatively impacting ORCL shares. If the stock price drops below $100, then the next round of sell-off will begin.
The technical analysis suggests that sellers look more aggressive in ORCL stock so the possibility of a $100 breakdown is high.
Will the Sell-Off in ORCL Stock Price Continue?
ORCL stock price is forming a bearish pattern on the weekly as well as on the daily time frame chart. If the sell-off continues then prices might decline to $93.45.
The MACD curve slopes downward and the histogram bar is declining. It indicates that bearish momentum might continue in the coming months.
The supertrend says that till the price is trading below the $109.10 level, the trend will remain down. However, the RSI at 35 is near the oversold territory, so a relief rally is also possible to clear short positions.
Conclusion
Oracle stock price (NYSE: ORCL) is in a correction phase and sellers are trying to break the $100.00 level. If bears succeed, then the next phase of downfall will be triggered.
The analysis suggests that ORCL stock price is inside the bears’ grip, so the probability of an upward reversal is low.
Technical Levels
- Resistance levels: $115.37 and $127.58
- Support levels: $95.00 and $93.45
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/31/oracle-stock-price-analysis-will-orcl-stock-price-hold-100/