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- 1 Oracle stock price (NYSE: ORCL) fell 12.02% in September 2023.
- 2 ORCL stock price dropped below the 50-day EMA showcasing the short-term trend reversed down.
- 3 Oracle Corporation stock price sustaining above the 200-day EMA.
Oracle stock price (NYSE: ORCL) fell 12.02% in September and formed a bearish pattern. It broke down the $112.00 crucial support and began to decline by forming lower lows candles.
ORCL stock price slipped below the 50-day EMA and the short-term trend has reversed down. However, the 200-day EMA acted as a support and buyers are trying to recover the losses.
Recently, Oracle stock price showed a minor recovery of approximately 4% but the up move lacks strength. The sellers look more active as compared to buyers. So, the probability of facing rejection from the resistance level remains high.
In the previous month, the majority of the decline came after the release of quarterly earnings. It hurt the sentiment of long-term investors and the price entered into a correction phase.
Between June-September, ORCL share price consolidated in the wide range between $115.00 to $127.00.
Investors tried multiple times to expand the range in an upward direction. But after the release of earnings, the stock price gap was down by 13% on a single day and broke the lower range.
Will Oracle Stock Price Retest Previous High?
Oracle stock price (NYSE: ORCL) is on the seller’s radar and bears dominance is visible. Until the stock is able to break the $115.00 hurdle, it is expected to remain in the bears’ grip.
On the lower side, the 200-day EMA and $100 level will act as a crucial support. If the selloff continues and the price breaks down the $100.00 support, then another phase of decline might be triggered.
The technical analysis suggests that the ORCL stock price looks bearish for the coming months and the possibility of more downfall is high.
Buyers in ORCL Stock Failed to Give Follow-Up Momentum
ORCL stock price is formed by a bullish hammer candle on a weekly timeframe. However, in the current week, buyers are failing to give the follow-up momentum. Therefore, the sellers are still active and the recent pullback is temporary.
The MACD curve is reversing upward and displays a positive crossover. However, the confirmation of an upside reversal from the price action is still awaited. The RSI at 46 denotes neutral territory so the pullback rally seems to be over.
Conclusion
Oracle stock price (NYSE: ORCL) fell 12.02% in the previous month and dropped below the crucial support of $115.00.
However, the prices took support near the 200-day EMA and showed a minor bounce. Analysis suggests that the recent upmove in ORCL stock looks temporary and the price may face rejection again.
Technical Levels
- Resistance levels: $115.00 and $127.82
- Support levels: $104.00 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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.
