Oracle returns lower - Analysis - 21-06-2022

Oracle's stock (ORCL) returned lower in the intraday levels after spiking yesterday as the company reported the strongest increase in earnings in 10 years, marking a profit of 0.9% last week, the only tech sector gaining ground, with the while sector falling 5%.

The company is now down 1.44%, or 99 cents, settling at 67.72, with trading volumes surpassing 16.4 million shares, above 10-day averages of 11.8 million shares.

The main downward trend dominates in the short term as it trading alongside the downward trend line, with negative pressure from the 50-day SMA, countered by positive signals from the RSI.

Therefore we expect more losses for the stock, targeting the support of 63.76, provided the resistance of 70.23 holds on.

Oracle Corporations provides data bases, devices, and cloud services for company all over the world in finance, healthcare, retail and others. 

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Expected trend for today: Bearish