ORACLE BEARISH AS REVENUE MISSES FORECASTS
Oracle is currently trading at $48.79-lower by 0.79%. Oracle Corp. reported Q1 results after the market close on Monday. Results narrowly missed markets expectations. The results suggest that the business software maker was struggling to make inroads in the highly competitive cloud computing market.
Oracle fell 5% to $46.84 in extended trading on Monday as the company’s biggest unit, which houses its cloud services business, also reported disappointing sales.
Oracle reported EPS of 71 cents which was above market expectations of 69 cents. Revenues for the period were $9.19 billion-below market expectations of $9.28 billion. Oracle results have now come in below estimates for revenues in two of the four most recent quarters. Analysts polled by FactSet expected Oracle to bump up its dividend by a penny to 20 cents in Monday’s report but the company didn’t raise it.
On the technical front, the RSI is currently at 48.23% and suggests that the market can move in the downward direction. The %K has crossed the %D from above to the downside at 73.50% and suggests that the market may head downwards. The Current Price is below the MA5.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 48.00 TAKE PROFIT AT 47.50 STOP LOSS AT 48.25