Oracle near Resistance

Published on Friday, 06 January 2012 07:32 Written by Danny Miller

New York, January 6th (TradersHuddle.com) - Shares of Oracle Corporation (NASDAQ:ORCL) are trading very close to calculated resistance at $26.66 with the current price action closing at just $26.59 placing the stock near levels that make it difficult to buy.

Oracle Corporation (NASDAQ:ORCL) supplies software for enterprise information management. The Company offers databases and relational servers, application development, and enterprise business applications.

Oracle's current stock range is defined by current calculated support defined at $24.91 and by the resistance level at $26.66, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Oracle, as the stock is well above support, however, as the stock pulls back towards $24.91 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $26.66 then traders will get an opportunity to enter Oracle stock by establishing a position as the stock moves to a higher range.