The question on everyone's mind: Will ORACLE CORP breakout?

Our stock screener has detected a potential breakout setup on ORACLE CORP (NYSE:ORCL). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:ORCL.

Technical analysis of NYSE:ORCL

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.

Overall ORCL gets a technical rating of 9 out of 10. Both in the recent history as in the last year, ORCL has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, ORCL did better than 93% of all other stocks. On top of that, ORCL also shows a nice and consistent pattern of rising prices.
• ORCL is part of the Software industry. There are 285 other stocks in this industry. ORCL outperforms 89% of them.
• ORCL is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month ORCL has a been trading in the 111.13 - 121.98 range, which is quite wide. It is currently trading near the high of this range.

Our latest full technical report of ORCL contains the most current technical analsysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:ORCL currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

ORCL has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 117.99, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:ORCL

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

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.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

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.