Is Oracle Setting for a Break?
Published on Thursday, 26 April 2012 09:08 Written by TradersHuddle Wire
New York, April 26th (TradersHuddle.com) - Oracle Corporation (NASDAQ:ORCL) closed the the trading session at $28.87, near its 50 day and 200 day moving averages currently set at $29.22 and $29.35 respectively. Oracle's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
Oracle Corporation (NASDAQ:ORCL) supplies software for enterprise information management. The Company offers databases and relational servers, application development, and enterprise business applications.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $28.04 and resistance at $29.53. Traders should monitor these levels, as they provide insight into the latest price dynamics in Oracle.
If traders want to establish a position on Oracle, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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