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Software Giant Gets Slammed: Here's The Trade

Published 06/20/2018, 12:23 PM

Shares of Oracle (NYSE:ORCL) tanked by more than 7% to $42.87 a share as the business software giant gave an outlook below forecast. The stock is now nearing its 200-week moving average, which should serve as short-term support. A close below this key area will likely indicate another move lower for the stock.

Watch This Support

Oracle's next major support level will be around $40. This is where the stock broke out in February 2017. Remember that when a stock retests a prior breakout level it finds defense by the institutional money. ORCL will be on my radar around this key support area.
Oracle Corporation

Latest comments

If you buy at 40, you'll be looking at dead money for a year.  Most likely will trickle lower than that.  They are solid, but not growing. down/flat for several quarters...
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