Oracle Rebound & technical analysis
Updated
According to this chart we are riding the 8 and 20 day. Price bounced off of the 50 after the earnings sell off and broke out from a double bottom.
If this plays out in a perfect world this will blow past 127 from the news run up. Not to mention everything AI is running and we are currently in an AI baby bubble.
I would trade this carefully since it is making new highs and can fall from a sell off and profit taking.
Let’s see how high this goes. Congrats if you were like me and bought around 115 after the earnings sell off.
Trade Responsibly.
#TradeTheWave
If this plays out in a perfect world this will blow past 127 from the news run up. Not to mention everything AI is running and we are currently in an AI baby bubble.
I would trade this carefully since it is making new highs and can fall from a sell off and profit taking.
Let’s see how high this goes. Congrats if you were like me and bought around 115 after the earnings sell off.
Trade Responsibly.
#TradeTheWave
Comment
Oracle moved exactly how wanted it too. I ended up closing my position to move into another opportunity. Consider giving me a follow for trade ideas on tradingview. Thank you for taking the time to take a look at my analysis.UPDATE: There was a HUGE selloff in the market on Friday 6/16/2023. To me Fridays can be either very good or very bad. That's why I don't like trading fridays. I was surprised Oracle was holding as strong as it did. Instead of Falling with the market it ended up trading sideways out of the wedge that I want it to trade in.
At that point I had a choice to stay in or take 108% profits in my prediction. I do believe it will gradually continue to run up but at some point it has to cool off.
Profit is Profit. Trade Responsible,
Jay
#TradeTheWave
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