Oracle Is Near Resistance

Published on Thursday, 24 January 2013 07:04 Written by TradersHuddle Wire

New York, January 24th (TradersHuddle.com) - Shares of Oracle Corporation (NASDAQ:ORCL) are trading very close to calculated resistance at $34.75. The stock ended the trading session at just $34.69, 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 $29.52 and by the resistance level at $34.75; 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 $29.52 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $34.75 then traders will get an opportunity to enter the stock as it moves to a higher range.