Oracle (ORCL) held its own from July to September, but weakened in October and showed relative weakness. The indicator window shows the price relative turning down and breaking below the August-September lows. On the price chart, ORCL fell to 32 and then formed a rising wedge the last few weeks. This is a bearish pattern and a break below 32.5 would signal a continuation lower.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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