Oracle Stock Price (ORCL) rises 6% after quarterly Earnings

• Oracle Stock Price (NYSE: ORCL) rises 6% in a single day after quarterly earnings.
• The ORCL Stock hit a fresh 52 week high at $117.51.
• Oracle Corporation met EPS as well as revenue estimates.

Oracle Stock Price (NYSE: ORCL) rose by 6% in a single day after releasing the quarterly earnings on June 12, 2023. ORCL Stock seems to be in a strong uptrend and continues to rise upward by forming higher high swings. 

Oracle Stock price breakout of $106.00 hurdle level and hit a fresh 52 week high at $117.51. The rally is still continuing and pre open tick indicates prices are expected to open gap up and hit a fresh 52 week high. 

ORCL stock sustains above the 50 as well as 200 day EMA and both are sloping upward denotes uptrend. However, the prices look overstretched and gone away from both the EMAs. Therefore, short term retracement or a narrow range consolidation is possible in coming months. 

Oracle Corporation reported an EPS of $1.67 and revenue of $13.873 Billion. However, the analyst estimated an EPS of $1.581 and revenue of $13.738 Billion. Oracle beat the EPS by 5.63% which has fueled the rally in the stock. 

Oracle stock closed the previous session at $116.43 with an intraday rise of 5.99%. The market cap of Tech giant Oracle increases substantially and currently stands at $314.34 Billion.

Oracle Stock entered a bull run

Oracle Stock is up by 39% on a YTD basis which shows the confidence of investors in the future of the company. The company and stock both benefit due the buzz of Artificial Intelligence. Investors are highly bullish in AI related stocks and expecting out-performance in the coming months. 

Till Oracle stock price trading above $100.00 it is expected to remain in bulls grip. Any short term retracement toward $100.00 will have a high probability of bounce back. However, As of now no signs of any correction or retracement is visible. 

On the other hand, if the ORCL Stock price drops below $100.00 then bears might drag it down to $92.00. The downside in ORCL Stock looks limited to $92.00 which will act as a strong support for bulls. 

ORCL Stock analysis on a weekly time frame 

ORCL Stock price rose for 7 consecutive weeks and displayed a strong breakout. The breakout looks sustainable and prices are expected to hold the higher levels. ORCL Stock is in bull run and nobody knows when the rally will take halt. 

The MACD curve rising upward and displays a positive crossover indicates the strength of bulls. The histogram bar is also on rise shows momentum is expected to continue. The RSI is above 80 denotes overbought territory but positive momentum is still intact. 

Conclusion

Oracle Stock Price (NYSE: ORCL) rose by 6% in a single day and hit a fresh 52 week high at $117.51. 

Oracle Corporation met the quarterly earnings estimates which fueled the rally and positive momentum is still intact. The technical analysis suggests, ORCL Stock is in bull run and more rally is possible.

Technical levels

Resistance levels: $120.00 and $130.00

Support levels: $106.00 and $92.00

Disclaimer

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