Oracle shares may be in for a rally
ORCL•Oracle shares have fallen more than 50% from their June high, but technical indicators suggest they may bounce from support at $115-$119. Potential rebound targets are $130-$131 and $148-$153; a sustained break below support could bring further losses.
1. Support could hold
Oracle shares have found structural support in the $115-$119 range, which halted a July decline before the stock rallied almost 50% through early September. The same range stopped the fall last week. RSI divergence and MACD indicate the shares could bounce higher.
2. Possible price targets
A rebound could target $130-$131 and $148-$153. A break above $170-$175 could signal that the longer-term downtrend is ending. If the shares sustain a move below $115-$119, traders might look to $90-$94 and then $60-$65 as potential targets.
