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Watch for Shares of Oracle (ORCL) to Approach Support at $28.15
Feb 14, 2012 (SmarTrend(R) News Watch via COMTEX) --
Shares of Oracle (NASDAQ:ORCL) opened today below their pivot of $28.47 and have already reached the first level of support at $28.27. Investors may be interested in a cross of the next downside pivot targets of $28.15 and $27.83.
In the past 52 weeks, Oracle share prices have been bracketed by a low of $24.72 and a high of $36.50 and are now at $28.27, 14% above that low price. The 200-day and 50-day moving averages have moved 0.32% lower and 0.36% lower over the past week, respectively.
There is potential upside of 16.4% for shares of Oracle based on a current price of $28.27 and an average consensus analyst price target of $32.90. Oracle shares should first meet resistance at the 50-day moving average (MA) of $28.42 and find additional resistance at the 200-day MA of $30.36.
SmarTrend recommended that its subscribers protect gains by selling shares of Oracle on December 15th, 2011 by issuing a Downtrend alert when the shares were trading at $29.51. Since that call, shares of Oracle have fallen 3.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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