Oracle - Short Term Bounce but continued downtrend
Oracle looks set for a little rebound which will test the short-term moving averages and then the longer-term moving averages which I believe it will ultimately fail to break, the market isn't in a position to support that type of move.
The positive news about the lawsuit with Google is a decent catalyst to help the stock recover a little, there may be enough market momentum to rally the stock in out of hours trading but the larger macro movement in the market will undoubtedly lead its real destiny for the moment so Monday's opening will be critical to determining which way to trade this.
Longer timeframes show Oracle is oversold so this helps support the theory of a recovery. If we can break up through $46.50 I believe we could see us reaching $48.50 before continuing the downward trend.
If we failed to break $46.50, that price range many form the neckline of an inverse H&S and support a swing back up toward $48 as the right shoulder forms, we'll wait and see.
Trade safe.
The positive news about the lawsuit with Google is a decent catalyst to help the stock recover a little, there may be enough market momentum to rally the stock in out of hours trading but the larger macro movement in the market will undoubtedly lead its real destiny for the moment so Monday's opening will be critical to determining which way to trade this.
Longer timeframes show Oracle is oversold so this helps support the theory of a recovery. If we can break up through $46.50 I believe we could see us reaching $48.50 before continuing the downward trend.
If we failed to break $46.50, that price range many form the neckline of an inverse H&S and support a swing back up toward $48 as the right shoulder forms, we'll wait and see.
Trade safe.
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