Good Setup Developing in Oracle
Published on Thursday, 28 June 2012 08:32 Written by TradersHuddle Wire
New York, June 28th (TradersHuddle.com) - Oracle Corporation (NASDAQ:ORCL) closed the trading day at $28.17, near its 50 day and 200 day moving averages set at $27.56 and $29.05 respectively. Oracle's price action placed the stock above the 50 day moving average but below its 200 day moving average, providing a nice trading setup with clear reference points.
Oracle Corporation (NASDAQ:ORCL) supplies software for enterprise information management. The Company offers databases and relational servers, application development, and enterprise business applications.
Oracle seems to be setting up for a tight range between the 50 day moving average as support and the 200 day moving average serving as resistance.
A tiered approach appears to be the best way to maximize possible movements in the stock, as traders could establish a small position in Oracle and wait for the stock to break out above the 200 day moving average at $29.05. Then they could add to the position as momentum builds with the breakout. On the other hand, if support being referenced at the 50 day moving average set at $27.56 breaks, it could signal further downside for Oracle in the horizon.
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