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- 1 Oracle stock price is down 1.66% in the last trading session and is currently trading at $115.34.
- 2 Oracle’s share (NYSE: ORCL) took rebounded from the demand zone and surged to form a descending triangle pattern in the daily chart.
Oracle stock price has been on a strong inclining trend for the past 6 months bagging a return of 32.27% to its investors. The stock’s last quarterly pre-results sentiments were positive which added fuel to the ongoing trend, and the price continued with the ongoing momentum.
However, the current quarter has not been that much positive for the investors as the short-term gain in the stock led to profit booking resulting in creating volatility in the stock. The price is currently trying to form a descending triangle pattern. As per the analysts, the price may experience a pre-result effect and show some trending moves in the coming sessions.
The quarterly results are to be disclosed on 14th September. Analysts are estimating $12.43 Billion in revenue along with a net profit of $1.15 Billion. The stock may show profit booking if the results do not meet the analyst’s expectations. Also, the stock may gain to beg for an all-time high if the results are optimistic.
Oracle (NYSE: ORCL) is a company that offers IT solutions for various business needs, such as applications and infrastructure technologies. It has three main segments: Cloud and License, Hardware, and Services. The Cloud and License segment provides enterprise software and cloud computing options, including cloud services and license support.
Oracle stock derivatives data analysis states that the current implied volatility in the market is 37.13% with a decrement of 0.36% in the last trading session. The at-the-money strike price has 6,876 open contracts on the put side and 8,169 open contracts on the call side indicating the presence of sellers at the current level. The PUT/CALL ratio is 0.68 indicating a neutral sentiment in the market as per the data.
Oracle Stock Price Shows Descending Triangle Pattern in 1-D Timeframe
Currently, Oracle’s stock price is trading at $115.34 and has formed a descending triangle pattern formed on the daily chart.
The short-term outlook of the analysts indicates that the price may show volatility to decide a trend on either side in the coming sessions. The breakout of the trendline may lead the price to test an all-time high. On the other hand, the breakdown of the pattern may invite the sellers to drag the price to a lower support zone.
The long-term outlook for the price is showing a strong uptrend. The price may show some pullbacks in the short term which may ultimately result in a higher swing low and the stock may resume its trend again.
Technical Indicators Show Volatility in the Short Term
The technical indicator including RSI and MACD opinion rating for the stock is a 40% buy with a weakening short-term outlook on maintaining the current trend. Long-term indicators are optimistic and support the continuation of the ongoing trend.
Conclusion
Oracle’s stock price prediction concludes that the stock price has been rising for six months, but faced volatility recently. It may form a descending triangle pattern and break out or down depending on the quarterly results on 14th September. Analysts expect $12.43 Billion in revenue and $1.15 Billion in net profit. The stock may reach an all-time high or fall to a lower support zone. The long-term outlook is bullish, with possible pullbacks in the short term.
Technical Levels
- Support levels: $110.97 and $105.18.
- Resistance levels: $123.36 and $127.54.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
