Approaching Resistance: Oracle

New York, August 31st (TradersHuddle.com) - Shares of Oracle Corporation (NASDAQ:ORCL) are trading very close to calculated resistance at $32.30. The stock ended the trading session at just $31.17, which is near levels that make it difficult to buy or start a position.

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 stock range is defined by its calculated support defined at $29.07 and by the resistance level at $32.30; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for Oracle. However, as the stock pulls back towards $29.07 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $32.30 then traders will get an opportunity to enter the stock as it moves to a higher range.

Technical Scans

Stock Market

Loading
Chart
o Dow Jones 17,689.86 (%)
o S&P 500 2,103.84 (%)
o NASDAQ 5,128.28 ▼0.50 (-0.01%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,689.86 Trade time:4:36PM EDT Value change: (%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,103.84 Trade time:4:36PM EDT Value change: (%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:5,128.28 Trade time:5:15PM EDT Value change:▼0.50 (-0.01%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.