Technical Pulse: Oracle Corp June 2, 2021 220

 

Oracle Corp (US: ORCL) further upside is set to continue after recent technical is showing strong bullish continuation signals:

 

  1. 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.
  2. Monday’s candle rebound from the 22-MA at the last hour and hence, a sign of bullish continuation is seen.
  3. 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.
  4. 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.

 

CHART LEGEND

 

Moving Average

 

Red dotted line: 200 Period MA

Blue dotted line: 50 Period MA

Green dotted line: 22 Period MA

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

About the author

Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!