Oracle Corp - regaular bearish divergenceOn the above 10-day chart price action has appreciated 150% in the last 22 months. A number of reasons now exist to be bearish, including:
1) The breakout of price action from a bearish rising wedge structure.
2) Double bearish engulfing candles. Remember this is a 10-day chart, don’t ignore bearish engulfing candles on this time frame.
3) Regular bearish divergence. Price action prints higher highs as both RSI and MFI (money flow index) prints lower highs. Volume is flowing out. Indeed there is 4 oscillators printing bearish divergence at this time. Look left!
4) The monthly chart (below) prints a hammer candle indicating sellers are numerous at the $90 level.
Exit at $90-100 is excellent but very risky.
Target: $65
WW
Monthly chart:
