Oracle Corp (US: ORCL) further upside is set to continue after recent technical is showing strong bullish continuation signals:
- The ascending triangle is in action and after multiple attempts testing the resistance level at US$80.21, the resistance is weakened. Furthermore, after each testing, the stock has been making higher lows, indicating weakening supply and demand is returning.
- Monday’s candle rebound from the 22-MA at the last hour and hence, a sign of bullish continuation is seen.
- The short-term bullish cross over in February 2021 is still valid as prices are still trending above all three moving averages and the primary uptrend line remain valid.
- Prices is seen deviating further and above the primary uptrend line. Indicating bullish strength.
*Expected timeline of the trade is 10 weeks from the date of report issuance.
Red dotted line: 200 Period MA
Blue dotted line: 50 Period MA
Green dotted line: 22 Period MA
We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock`s risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation
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