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Based on my intermediate work, Oracle (ORCL) ended a major bear phase at its Dec 21 low of 24.91 off of its 33.81 high from last October 27. The upmove from 24.91 to the Feb 2 high at 29.25 completed the first upmove in a major recovery rally period.
The minor pullback to the Feb 15 low at 27.90 ended the correction of the prior upmove, which if accurate means that since the Feb 15 low at 27.90 ORCL should be in the early stages of a second major recovery advance that will hurdle key Feb resistance at 29.07-29.25 on the way to 30.80-31.20 thereafter.
Only a decline that breaks 28.50 will begin to compromise the timing of the next upside acceleration, while a break of 27.90 will wreck the current set-up altogether.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
