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The Oracle stock price gained 0.309% on the last trading day (Monday, 11th Sep 2023), rising from $126.32 to $126.71. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.16% from a day low at $124.72 to a day high of $127.42. The price has risen in 9 of the last 10 days and is up by 9.18% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 18 million shares were bought and sold for approximately $2.30 billion.
On Sep 11, 2023, it was reported that Morgan Stanley gave ORCL a "Equal-Weight" grade with a "hold" action.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $127.21 will give a strong buy signal and a trend shift could be expected.Given the current horizontal trend, you can expect Oracle stock with a 90% probability to be traded between $113.65 and $127.90 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Mostly positive signals in the chart today. The Oracle stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $123.96 and $117.72. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, August 24, 2023, and so far it has risen 12.22%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Oracle finds support from accumulated volume at $126.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.70 between high and low, or 2.16%. For the last week, the stock has had daily average volatility of 2.17%.
Since the Oracle has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Oracle stock to perform well in the short-term period.
Check full Oracle forecast and analysis here.