Oracle Corp (ORCL) needed a solid earnings report last night after the closing bell to reach all-time highs and it delivered exactly that. ORCL posted both top line and bottom line (.63 vs .57) results that exceeded Wall Street consensus estimates and this morning's open cleared price resistance to soar into "blue sky" territory. Prior highs were reached at the end of 2014. Check out today's gains:
ORCL's momentum clearly began 4-5 weeks ago as we saw the MACD make a bullish centerline crossover. That was accompanied by a break of its two year downtrend. Last night's big earnings report and today's breakout is simply the culmination of what the market began expecting as we moved into 2017. Key price support now resides at 44.50-45.00 on any pullback.
Happy trading!
Tom
