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- 1 Oracle has beaten the expectations for May quarter and has seen a rise in cloud services
- 2 ORCL stock price is currently seeing a bearish trend in price. It has seen a gain of 4% in the intraday session.
Oracle is known for its database management systems, but the company has been evolving in this era of rapid digital technological advancement. Oracle has been expanding their portfolio in the cloud services, AI and blockchain. The company has also been reporting strong financials and giving strong value to their investors. Meanwhile, the company has also been getting various contracts from defense and other partnerships. Oracle has been doubling down their efforts on AI while increasing their cloud services.
Oracle has recently released their quarterly results and has beaten the investors expectation. Meanwhile, the company cloud services has received approval for use at US defense services. The adjusted earnings per share of the company is $1.67 which is higher than $1.58 expectations. The revenue of the Oracle is around $13.84 Billion which is higher than 17% year over year. The revenue of the cloud services has also seen a strong jump.
Oracle has a market cap of $317.6 Billion and has a positive EPS. ORCL stock price is just a few inches away from its 52 week high. ORCL stock will observe a strong growth to $150 if it jumps above the recent highs.
Will ORCL Stock Hit $150 Soon?
Oracle stock price is currently seeing a strong bullish momentum on the weekly chart. On coming to the daily chart, it is forming strong bullish engulfing candles. ORCL stock price is currently trading near the value of $122 with a gain of 4.79% in the intraday session.The upside trend of ORCL stock price can see a halt near the value of $130. Meanwhile, the support in the asset price can be seen near $115. ORCL stock price is trading above the 50 and 100 Daily Moving Averages. If a positive crossover happens then the Oracle stock price would see a rally to a new high.
The RSI of ORCL stock is near 85 with positive slopes in it. The overall sentiment of the RSI is bullish.
Summary
Oracle’s latest quarterly results have beaten the expectations of the analysts and seen a strong growth. ORCL stock price is currently seeing a consolidated trend and can see a new high in the future.
Technical Levels
Major Support:$115
Major Resistance:$130
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
