Oracle Pre earnings White lines - 14 year uptrend
Yellow lines - Super uptrend or Parabolic
Purple line - Double top conformation/ Short entry
Oracle had an amazing year where the stock gained 40% since January.
That uptrend that it has been riding since January has now given way and I think Oracle is headed for its first correction in 2yrs. If I'm right they'll dump it hard at earnings. If you look at the weekly candlestick for Oct25th you'll see the Dark cloud cover that foretold this reversal.
ORCL trade ideas
Oracle Corporation (ORCL) channel upThe technical figure Channel Up can be found in the US company Oracle Corporation (ORCL) at daily chart. Oracle is an American multinational computer technology corporation. The company sells database software and technology, cloud-engineered systems, and enterprise software products—particularly its own brands of database management systems. In 2020, Oracle was the second-largest software company in the world by revenue and market capitalization. The Channel Up has broken through the support line on 01/12/2021, if the price holds below this level you can have a possible bearish price movement with a forecast for the next 38 days towards 84.76 USD. Your stop loss order according to experts should be placed at 98.95 USD if you decide to enter this position.
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Oracle getting ready to🚀 BullflagWhite lines Bullish megaphone.
Yellow lines Bullflag.
That bullish megaphone usually has a retest before going higher.
Oracle has been red now 8 straight days (52week high). but all of this was a consolidation now for an even bigger breakout which I expect to see next week. I think this breakout will finally carry us to 100 PT and a new ATH.
There was a lot of money going into that breakout of the megaphone , I think once we retest next week those buyers will step up..
Keep an eye out
How To Enter A Pullback In A Trend
Enter when these confluence factors are present. There is a Trend, Level, and Signal.
Trend:
Up
Confluence Factors at the Support Resistance Level:
Close Price 96.31
EMA 10 Close Price 96.24
50% Fibonacci Retracement Price 96.15
Horizontal Support Price 95.99
EMA 20 Close Price 95.31
Signal:
Rejection Candlestick
ORCL 🚀🔥😲 Elliott wave analysis Daily ChartAbout Elliott wave, after a clear beautiful 5 wave move of wave 3 and each leg have nice 5 wave advance, and currently we made a 4 with clear abc correction mark the low then gain strength. As we can see we in wave 5, after wave 1 we have a nice correction look like wave 2 retest wave b and w formation and broke through last high, we quite confident that now we are in 3 of wave 5.And target We can take target zone of Elliott wave and take profit like above chart.
About ichimoku tenkan sen and kijun sen up, kumo up, chikou span break consolidation, everything is bullish, further more last correction was supported by kijun sen and kumo, so high possibility that price will go up. And target zone of ichimoku quite fit with Elliott wave target like chart above you can take it too.
If you have any questions or tickers you want me to take a look comment below.
$ORCL LT Breakout, Bullish Options Flow$ORCL Long-term Breakout on Weekly Chart - look for a close above $91 this week for confirmation.
Unusual options activity today...
$11M in Jan'2023 deep in-the-money $30.00 LEAP calls bought today (11x open interest)
Medium term target: $100-$104 range by early December
Note: This is NOT investment advice. Educational only.
Shooting Star Bearish Reversal Pattern Visible on the DailyIf the daily closes like this that will be a confirmed Shooting Star Candlestick Reversal Pattern visible on the daily and that will be a signal for future downside. Of course the market hasn't closed yet and this is simply and aggressive early entry into this potential future position.
I think we will make about an 80 percent retrace or test the 200 day moving average as a bearish target.