Oracle Corp - (ORCL) - May 17, 2023 (Daily Stock Report)

by SIACharts.com

Oracle Corp. (ORCL) has consistently been in the Green Favored Zone of the SIA S&P 100 Index Report since December and is currently in 5th place after moving up 2 spots yesterday. ORCL is up 43.4% Year To Date and up 8.9% since we last mentioned it in the March 28 edition of the Daily Stock Report. Oracle* (ORCL) shares have been under steady accumulation since bottoming out back in October. Along the way, they have established a new uptrend of higher lows and completed a bullish Golden Cross. In recent weeks, ORCL has broken out over $90.00, and continues to advance toward the $100.00 round number.

Initial upside support appears at the late 2021 peak near $103.70, followed by the $117.50 to $120.00 zone based on measured moved. Initial support appears at the 50-day moving average near $92.00, followed by the $90.00 breakout point.

* Oracle Corp is held in some portfolios managed by SIA Wealth Management

Since bottoming out and breaking out to the upside back in October, Oracle* (ORCL) has been under consistent accumulation. The shares have steadily advanced for the last seven months with only two three-box corrections along the way, both of which were resolved by bullish Double Top breakout and Bullish Catapults.

Currently, the shares are approaching the $100.00 round number and the previous peak near $101.60. Several vertical and horizonal counts suggest next potential resistance on trend may appear near $114.40 or $119.00. Initial support appears near $90.20 based on a 3-box reversal.

With a perfect SMAX score of 10, ORCL is exhibiting strength across the asset classes.

* Oracle Corp is held in some portfolios managed by SIA Wealth Management

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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