June 11 Chart of the Day - Oracle
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Oracle (ORCL) beat quarterly estimates on the back of strong cloud demand — but truth be told, shares have already been rocketing higher for months. Now, with a 7% pop in after-hours trading, price is closing in fast on all-time highs (ATHs).
We’ll let the price action help identify potential levels of interest in both directions — including possible breakout targets above ATHs.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 500+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Monthly Chart
On the monthly chart we can see that price recently launched off a 50% Fibonacci retracement in the $120 area and is hard charging back up towards previous highs.
If price were to reach uncharted territory that doesn't mean that we can't use Fibonacci, Support/Resistance, and Trend to identify potential breakout targets or potential pull back levels.
We can also see the upside Fibonacci extension target levels at $235.74, $247.41, and $296.32. (Not levels to short!)
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a stock’s short to mid term outlook.
Weekly Chart
On the weekly chart, we can see with much more clarity the strong momentum off the $120 area.
If price fades before reaching new highs it may want to revisit previous structure back down in the $150 area.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
Because You Were Interested in today's FREE Chart of the Day...
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