Oracle Corp. - (ORCL) - March 28, 2023 (Daily Stock Report)


Business software producer Oracle Corp.* has been steadily working its way up the rankings in the SIA S&P 500 Index Report. Starting deep in the red zone last March, Oracle returned to the Green Favored Zone in December and has been there since, returning 12.0%. Oracle has climbed 8 positions in the last month and is currently sitting in 49th place. March has been a volatile month for Oracle* (ORCL) shares. Early in the month, the shares broke down, but quickly bottomed out near $82.00. Since then, they have quickly bounced back, retaking their 50-day average and then yesterday closing back up above $90.00 to confirm that accumulation has resumed.

Upside resistance appears near $98.00 based on a measured move, the $100.00 round number and previous intraday and closing peaks between $102.50 and $104.00. Initial support appears at the 50-day moving average near $87.50.

*Shares of Oracle Corp are held in some portfolios managed by SIA Wealth Management

From October through December, Oracle* (ORCL) shares staged an initial recovery breakout rally which extended into a bullish High Pole. Since then, the shares have continued to climb, with higher O column lows indicating continued accumulation.

Yesterday, Oracle closed above $90.00, indicating continued investor interest. A close above $90.60 would complete another bullish double top pattern and another bullish catapult. On a breakout initial resistance appears between the $100.00 round number and the December 2021 peak near $102.00, followed by the $11260 to $117.20 zone where several vertical and horizontal counts cluster. Initial support appears near $82.05 based on a 3-box reversal.

With a bullish SMAX score of 9, ORCL is exhibiting strength against the asset classes.

*Shares of Oracle Corp are held in some portfolios managed by SIA Wealth Management

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