Trading Idea: Is Oracle Breaking Out?
Published on Wednesday, 30 January 2013 08:48 Written by TradersHuddle Wire
New York, January 30th (TradersHuddle.com) - Shares of Oracle Corporation (NASDAQ:ORCL) closed the session at $35.78 just above calculated resistance at $34.75. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
Oracle Corporation (NASDAQ:ORCL) supplies software for enterprise information management. The Company offers databases and relational servers, application development, and enterprise business applications.
The stock was trading in a well defined range with support at $29.52 and resistance at $34.75. Given that this range was broken, traders will be closely monitoring Oracle's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Oracle is still near the broken resistance level, traders will be focusing on the $34.75 level to see if the stock holds the breakout without rolling over.
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