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- 1 Oracle (ORCL) stock price seems as if it is struggling to show the bull’s dominance.
- 2 ORCL stock price performed bullishly in its year-to-date (YTD) price analysis with over 42% of the rise.
Oracle (NYSE: ORCL) stock price showed a bullish trend in the recent day of trading. Since last month, ORCL stock showed a 1.61% of price decline which is now showing a bullish market trend with a slightly upside market trend.
Notably, earlier this week on July 31, 2023, Monday, Oracle Cloud Infrastructure (OCI) introduced the latest Secure Cloud Computing Architecture (SCCA) for the U.S. Department of Defense (DoD).
According to a recent report by Yahoo Finance, the U.S.-based business news platform, “the solution helps make security compliance and cloud adoption for mission-critical workloads easier, faster, and more cost-effective by using a framework of cloud-native services.”
ORCL Stock Price Analysis
The next day after the announcement by OCI, ORCL stock price rose 0.58% on August 1, 2023, Tuesday’s trading session. It can be said that OCI’s recent update supported ORCL share price reversing last month’s performance. The opening price of ORCL stock in Tuesday’s trading session was $116.92 while the stock market closed at $117.91 while adding $0.68.
However, the YTD price of the stock also showed bullish market sentiment which showed the bear’s dominance in the recent month.
As the above chart shows, ORCL stock price is showing little price drop, nearing its 20-day moving average. Due to increased activity in the last month, ORCL shares mostly traded near its 20-day moving average. However, it traded below the price range of $121.00.
Since the last price target update from analysts, the one-year price target of Oracle stock is showing at $129.15, up by over 9% from the recent closing price of the stock. In the past three months, analysts gave a “buy” rating to Oracle Corporation.
Industry Update
In the packaged software industry, Paycom Software Inc. (NYSE: PAYC), Adobe Inc. (NASDAQ: ADBE), and Phreesia, Inc. (NYSE: PHR) showed 0.55%, 0.54%, and 0.54% of price growth in one day, respectively. Oracle stock price also showed almost similar price gain in the last one day.
Additionally, Motorsport Games Inc. (NASDAQ: MSGM), T Stamp Inc. (NASDAQ: IDAI), and Rubicon Technologies Inc. (NYSE: RBT) showed maximum price gain with over 92%, 74%, and 40%, respectively.
On the other hand, ZoomInfo Technologies Inc. (NASDAQ: ZI), Zenvia Inc. (NASDAQ: ZENV), and Expensify Inc. (NASDAQ: EXFY) experienced a bearish trend with over 26%, 23%, and 20% of price drop, respectively.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
