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
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