Shares in Oracle dropped more than 3% after the database software company posted revenue that missed expectations.
However, the company did post earnings per share of $1.03 which beat expectations of just 97 cents per share.
With Oracle shares trading at record highs, it needed to be a stellar earnings report to attract buyers at those levels.
The sell-off could be a bit of profit-taking which could lead to a ‘buy the dip’ opportunity… and the chart looks very interesting.
Source: Admirals MetaTrader 5, #ORCL, Daily – Data range: from 4 Dec 2020 to 14 Sep 2021, performed on 14 Sep 2021 at 8:30 pm GMT. Please note: Past performance is not a reliable indicator of future results.
Last five year performance: 2020 = +22.10%, 2019 = +17.34%, 2018 = -4.51%, 2017 = +22.96, 2016 = +5.26%
The daily chart of Oracle’s share price above shows a cluster zone of technical support levels converging around the 100-period exponential moving average (the green line).
The support zones include an ascending trend line from March to June lows, as well as the retest of a previous swing high in late May.
These levels make the $85 to $83 a very interesting level to watch. Can buyers stage a rally here?
While some traders may be looking for price action clues on whether buyers will turn up around these support zones, you could use the Trading Central Technical Insight Lookup indicator to help find actionable trading ideas on Oracle’s share price and thousands of other markets.
You can find this tool in the Premium Analytics section once you log in to the Trader’s Room after opening an account.
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