Oracle ( ORCL) is a computer technology corporation best known for its software products and services like Java. Let's review our four favorite charts to see how high ORCL may trade in the months ahead.
In the daily bar chart of ORCL, below, I can see that the shares made a low in September and a retest in October. Prices quickly turned higher and higher. ORCL trades above the rising 50-day moving average line and above the rising 200-day line.
The trading volume has been active since September. The On-Balance-Volume (OBV) line shows a rise from October telling me that buyers of ORCL are being more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator has stayed above the zero line for much of the time since October.
In the weekly Japanese candlestick chart of ORCL, below, I can see that the stock has recently broken out above its late 2021 highs. Prices are trading above the rising 40-week moving average line.
The weekly OBV line shows a strong rise the past three years. The weekly MACD oscillator is clearly bullish. Two of the recent candle patterns have small real bodies (the distance between the open and the close) and could signal a pause in the advance.
In this daily Point and Figure chart of ORCL, below, I can see a price target of $142.
In this weekly Point and Figure chart of ORCL, below, I can see that the software is projecting a potential price target in the $154 area.
Bottom-line strategy: Traders could go long ORCL in the $106-$105 area risking to $99 for now. The $146-$154 area is my price target for now.
