Based on good technical signals, ORACLE CORP is potentially setting up for a breakout.

Our stockscreener has identified a possible breakout setup on ORACLE CORP (NYSE:ORCL). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:ORCL for potential opportunities.

Zooming in on the technicals.

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 7 out of 10 to ORCL. In the last year, ORCL was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• Looking at the yearly performance, ORCL did better than 94% of all other stocks. We also observe that the gains produced by ORCL over the past year are nicely spread over this period.
• ORCL is one of the better performing stocks in the Software industry, it outperforms 89% of 286 stocks in the same industry.
• ORCL is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so ORCL is performing more or less in line with the market.
• In the last month ORCL has a been trading in the 111.13 - 118.54 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

For an up to date full technical analysis you can check the technical report of ORCL

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:ORCL scores a 9 out of 10:

Besides having an excellent technical rating, ORCL also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 116.61. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 115.69, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:ORCL?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.