Trade of the Day
Oracle Corporation (NYSE: ORCL)
(Current Price: US$118.34) – TECHNICAL BUY
Buy price: US$118.34 Stop loss: US$113.50 (-4.09%)
Take profit 1: US$123.50 (+4.36%) Take profit 2: US$127.50 (+7.74%)
(1) & (2): Oracle Corporation broke out of a downtrend resistance line after a mean reversion back to retest and found support along the uptrend support line. The price also rebounded after it filled a price gap at the US$114 level. This provides a bullish signal.
(3): Supporting the bullish view, the Moving Average Convergence Divergence (MACD) technical indicator also displays a fresh bullish crossover while the Relative Strength Index (RSI) technical indicator is showing increasing momentum.
We expect the price to continue its rebound towards Take profit level 1 at US$123.50 to retest the recent horizontal support breakdown level in April 2024.
The price could then trade higher towards Take profit level 2 at US$127.50 to retest a higher horizontal resistance level in April 2024.
Expected timeline of the trade is 1-8 weeks from the date of report issuance.
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).
