Oracle Corp (ORCL) has been one of the big winners in 2021. The business application software company has had a major pullback since December 10th, 2021 when it traded as high as $106.34 a share. Today, Oracle Corp (ORCL) stock tested the 200-day moving average around the $86.00 area. While the stock is holding this key moving average support level the trend is now down for the stock and lower share prices are likely in the next few weeks.
The next major support level and buy point for Oracle Corp (ORCL) stock will be around the $78.00 area. This support area is where the stock broke out from a weekly chart decline in late June 2021. This tells me that this is where the institutional crowd defended the stock. When a stock has institutional sponsorship like this it will usually be a solid buying opportunity when it retests that area.
Nick started 2022 with solid profits already!
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