The Market Is At New Highs, But Not This Tech Giant

Today, all of the major stock indexes are surging to new all time highs. The highly popular NASDAQ Composite which is a technology heavy index is breaking out, but Oracle Corp (NASDAQ:ORCL) is not making new highs. In fact, ORCL stock is actually trading lower today by 0.43 cents to $48.58 a share. The stock is also trading below its 50-day moving average which puts it in a weak technical chart position.

Oracle Corp (ORCL) stock topped out on September 14, 2017 at $53.14 a share. Since that high pivot in the stock it has been pulling back and is now forming a bearish chart pattern on the daily chart. When a stock has no relative strength when compared to the major stock indexes it tells us that this stock should trade lower. ORCL stock has major chart support around the $44.00 area. This is where the stock broke out in June 2017. Often when a stock breaks out of a base it will be defended when the breakout level is retested. The $44.00 area looks solid for a bounce in this popular tech stock.

Nicholas Santiago
InTheMoneyStocks