Oracle Corp. (ORCL), which has been up nearly 50% in less than six months, showed strength again Thursday despite the correction in Nasdaq. ORCL jumped 70 cents, or 2.23%, on one of the heaviest-volume sessions in the last couple of months and closed at 32.31, just 4 cents below the highest price since 2001.
I expect continuation of current momentum and a possible test of the upper trend line around 33.80 area in the next couple of trading days. Preferred entry (buy stop) price is at 32.55, with a stop loss at 31.65.
Originally published on TraderHR.com.