$ORCL looking to bounce off support

$ORCL looking to bounce off support


July 2023


Alex Cole

$ORCL has been in a "Go" trend since March.

We have seen a strong run to another new high in mid June.  This came after a gap that showed investor enthusiasm in the stock.  Since then, we have seen price pull back and we saw a Go Countertrend Correction Icon (red arrow) that told us price may struggle to go higher in the short term.  GoNoGo Trend indicator painted a string of weaker aqua bars as price falls to test horizontal support.   GoNoGo Oscillator has fallen to test the zero line from above and we have seen it ride the zero line where a Max GoNoGo Squeeze has been building.  We will watch to see if the Squeeze is broken to the upside, in which case we could look for price to make an attempt at a new higher high due to the resurgent momentum in the direction of the "Go" trend.