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- 1 Oracle stock price was hovering near its all-time high.
- 2 Oracle Corp. (NYSE: ORCL) reported quarterly results on Monday, 11 September.
- 3 The stock price declined 13% on Tuesday despite a promising quarter.
Oracle Stock (NYSE: ORCL) reported quarterly results on Monday, 11 September which triggered a gapped-down opening of 11.6% followed by a panic selling among the investors. The stock price fell more than 13% on intraday on Tuesday. The Oracle company delivered promising quarterly results, despite which the price fell 13% after hovering near its all-time high.
The price prediction illustrates that the ORCL stock made an all-time high of $127.42 right after the last quarterly results. However, the stock could not continue with the momentum and experienced a correction phase. The daily chart showed the formation of a bullish flag pattern after the last quarterly results.
Moreover, ORCL stock price showed an accumulation of buyers near the round level of $110 and 50-day EMA which was followed by a breakout. The pre-earning sentiments were optimistic and the price surged to the $127 level near the previous all-time high.
Oracle Corp. reported a promising quarter with $1.19 Billion as net earnings that slightly outperformed the Wall Street estimates by 3.4%. However, the revenues were reported to be $12.45 Billion exactly as the estimates.
Oracle stock derivatives data analysis states that the current implied volatility in the market is 23.52% with a decrement of 1.18% in the last trading session. The at-the-money strike price has 2628 open contracts on the put side and 4533 open contracts on the call side indicating the presence of sellers at the current level. The PUT/CALL ratio is 1.04 indicating a neutral sentiment in the market as per the data.
Oracle Stock Price Prediction Over Daily Chart
Currently, Oracle’s stock price is trading at $113.66 and is currently trying to recover the decline due to the gapped-down opening on Tuesday after the quarterly results.
The short-term outlook of the analysts indicates that the price has slipped below the key moving average of the 50-day EMA and the EMA might offer resistance to the recovering price. The current quarterly results had dragged the ORCL stock price below the recent swing.
The price has entered a slightly bearish zone. Hence, the recovery requires strong buying hands in the market. The price may escape the bearish territory if it sustains above the $115 level.
Technical Indicators Show Volatility in the Short-Term
The technical indicators including RSI and MACD opinion rating for the stock is a 56% 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
ORCL stock price dropped 13% after reporting quarterly results on Monday. The price reached an all-time high of $127.42 before the earnings but failed to sustain the momentum and slipped down. The earnings were slightly better than the estimates but the revenues were exactly as expected. The price is now trading below the 50-day EMA and might suffer resistance from it. The price needs strong buying volume to recover and escape the bearish zone.
Technical Levels
- Support levels: $112.2 and $107.24.
- Resistance levels: $116.05 and $120.09.
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.
