Oracle’s stock (ORCL) fell from intraday trading after surging the previous day.
This followed the company reported one of the highest growth in earnings in ten years. With a revenue hike of 0.9 percent last week.
Oracle is the only company in the tech sector making headway, while the overall market fell 5 percent.
The stock is now down 1.44 percent, or 99 cents, to $67.72. Additionally, trading volumes exceeded 16.4 million shares, which is above the ten-day average of 11.8 million shares.
In the short term, the downward trend is dominant as the stock trades alongside the downward trend line, with negative pressure from the fifty day -day SMA offset by the positive signals from the RSI.
As a result, we should expect more losses for the stock, with a target of $63.76 if the resistance of 70.23 holds.
Oracle Corporation offers cloud services, databases, and devices, and to companies globally including retail, health and finance sectors.
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