Oracle attacks descending price channel's ceiling - Analysis - 15-06-2022

Oracle's stock (ORCL) surged after reporting strong fourth financial quarter results, even as upcoming quarter's profits estimates were less than Wall Street expectations, with the company reporting a net income of $1.54 per share, same as last year, with total earnings mounting to $11.84 billion, up from $11.23 billion last year. 

The stock is tackling the ceiling of that descending price channel that guided recent short-term trading, with positive signals from the RSI, after reaching oversold levels, while suffering negative pressure from the 50-day SMA. 

Therefore we stand neutral until the stock moves on the pivotal resistance of 70.23, targeting thereafter the resistance of 84.35

Oracle Corporation provides data, devices, and cloud services for many companies worldwide in a variety of fields such as finance, healthcare, and retail.

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Expected trend for today: Bullish