Oracle Corporation: Will ORCL Stock Price Ascend Beyond $127?

• Oracle Corporation. (NASDAQ: ORCL) points at the strong bullish sentiments of the ORCL stock price
• ORCL stock price reported a profit of almost 51% in the past one year.
• ORCL stock price made a correction of 10% from its all-time high

Oracle Corporation’s (NASDAQ: ORCL) price prediction points to the overall bullish trend of the market since the beginning of the year 2023. The ORCL stock price has attracted investors in spite of the rising price. The market witnessed a correction of 9% in March 2023. The price took the support of the 200 EMA and gained strong bullish momentum, soaring to a new all-time high of $127.54. Since then, the price has been in correction mode.

At the time of writing, Oracle Corporation closed its trading session on Wednesday 26th July 2023 at $115.50. This marked a fall of 2.08%% over the prior day.

Can ORCL Corporation Ascend to New Heights?

Oracle Corporation’s stock price surged amidst global economic tensions and has outperformed the majority of the market. The ORCL stock price has delivered a return of more than 51% in the past year. The price floats above the 200 EMA but has fallen below the 9 and 15 EMAs.

The ORCL stock price printed a new all-time high and made a correction of almost 10%, where the buyers are supporting the price at $114.40. The market is showing some weakness as investors are interested in profit-booking after a bullish rally. The volume and volatility have decreased, signaling upcoming volatility.

Will ORCL Stock Regain its Bullish Momentum?

On the 4-hour chart, the ORCL stock price appears to be consolidating at the support level, where the bulls are trying to defend the price from a fall. The current support level is important as a breakdown may result in a correction of another 7.42%, bringing the price to its lower support level of $106.

Meanwhile, investors are waiting for the ORCL stock price to form a bullish continuation pattern such as a bullish flag or a bullish pennant. Only then will the buyers have the confidence to push the price further. Although the prices are sinking in the short term, the bullish trend will remain intact as long as the price trades above the 200 EMA. 

RSI

The RSI indicator is currently at 40.82. It represents mild bearish conditions where the price may continue to fall until RSI goes above 50. Aggressive selling may happen only if RSI goes below 30.

MACD

MACD made a bearish crossover and the indicator is crawling towards the 0 line. The price may decline sharply if the indicator goes below the 0 line

200 EMA

On the 4-hour chart, the price is above  the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support, and the price may increase until it subsides the 200 EMA

Conclusion

Oracle Corporation’s (NASDAQ: ORCL) price prediction highlights the recent sell-off, where ORCL stock price fell 11 points in the last trading session. The price tested its lower support zone and has recovered decently. The sell-off induced panic and fear in the market. These emotions form the very basis of volatility. The inventors should stay cautious in such a market and follow good risk management rules to avoid major losses.

Technical Levels 

• Support level: $80.17
• Resistance level: $92

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 assets comes with a risk of financial loss.