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Oracle (ORCL) Breaks Through Resistance at $35.10

Published on Wed, 01/23/2013 - 10:38
By Mallory Stone

Shares of Oracle (NASDAQ:ORCL) opened today above their pivot of $34.81 and have already reached the first level of resistance at $35.10. Investors may be interested in a cross of the next upside pivot targets of $35.26 and $35.71.

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

Oracle has overhead space with shares priced $35.09, or 6.3% below the average consensus analyst price target of $37.44. The stock should find initial support at its 50-day moving average (MA) of $32.61 and further support at its 200-day MA of $30.48.

In the past 52 weeks, shares of Oracle have traded between a low of $24.72 and a high of $36.50 and are now at $35.09, which is 42% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.2%.

By Mallory Stone