Shares rose nearly 9% in extended trading on Monday.
Key Takeaways
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Oracle shares rose about 9% in after-hours trading on Monday after the enterprise software company reported better-than-expected first-quarter results and announced a multi-cloud partnership with Amazon.
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Bulls retested the previous trading range in early August, but have since led a rally of more than 11% from last month's lows ahead of the company's quarterly earnings release.
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Investors should monitor Oracle shares for short-term and long-term price targets of $154 and $180, respectively, while keeping an eye on the $145 area as a potential retracement area.
Oracle (Orks) shares surged more than 9% in after-hours trading on Monday following the enterprise software company's announced initial public offering. Better-than-expected first quarter results Amazon's (Amazon) Cloud business, Amazon Web Services.
The software giant's shares have risen about 34% since the beginning of the year before surging after the close on Monday, as demand grows, particularly for its cloud services. Artificial Intelligence (AI) Applications have been a major driver of revenue in recent quarters.
In the following, technical We take a closer look at Oracle's charts and point out key share price levels to watch after the earnings release. The company's shares rose 8.9% to $152.30 in after-hours trading on Monday.
Bulls defend retest of trading range
Oracle Stock is Decisive Withdrawal Gap 12 months or more Trading Range The stock dipped in mid-June before climbing back up to the initial breakout area for much of July, but bulls stepped in to defend this key technical level in early August and have since rallied more than 11% from last month's lows ahead of the company's quarterly earnings release.
With stock prices expected to soar to new levels, All-time high (ATH) Following the company's positive report, investors can use technical analysis to project short-term and long-term price targets.
Short-term price targets
Predictable in the short term Target Price By using Measurement principlesometimes called metered transfer technique.
This works by calculating the distance between the upper and lower trendlines of the trading range and adding that amount to the June breakout point. For example, adding $27 to $127 gives you a target of $154.
Long-term price target
Investors can use bar patterns to predict long-term price objectives.
We extract the upward trend of stock prices from December to June and Swing lowDoing so projects an upside target of around $180.
Moreover, the previous rally occurred over 126 trading days, indicating that stock prices would continue to rise. Upward trend Whether a similar move will materialize won't be known until early February.
Important retracement levels to watch
Retracement and Take profitInvestors should watch how the price reacts to the $145 level, as this area on the chart could signal a reversal from previous offers. resistance Providing the future support This comes after shares were expected to surge above that area on Tuesday.
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