Tuesday, November 21, 2017 12:40:22 PM
Today, all of the major stock indexes are surging to new all time highs. The highly popular NASDAQ Composite which is a technology heavy index is breaking out, but Oracle Corp (NASDAQ:ORCL) is not making new highs. In fact, ORCL stock is actually trading lower today by 0.43 cents to $48.58 a share. The stock is also trading below its 50-day moving average which puts it in a weak technical chart position.
Oracle Corp (ORCL) stock topped out on September 14, 2017 at $53.14 a share. Since that high pivot in the stock it has been pulling back and is now forming a bearish chart pattern on the daily chart. When a stock has no relative strength when compared to the major stock indexes it tells us that this stock should trade lower. ORCL stock has major chart support around the $44.00 area. This is where the stock broke out in June 2017. Often when a stock breaks out of a base it will be defended when the breakout level is retested. The $44.00 area looks solid for a bounce in this popular tech stock.
Nicholas Santiago
InTheMoneyStocks
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