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Monday, April 17, 2017

ORACLE CORP (ORCL)


This week’s idea is to focus on an entry point that takes into consideration the market weakness we had last week. ORCL has an obvious technical gap to fill down around 43.  The Trade of the Week will require patience and will not be considered live until it prints 43.10 to fill the gap that also happens to be sitting right at the 50 day moving average.
This type of entry was done once before as a Trade of the Week with Facebook (FB) and worked out well that time. The suggested stop of this trade will be 42.10 only if the trade becomes active on a pullback at 43.10. Trade ideas technology tells us that the market is full of noise right now so an entry like this one will be a conservative tactic should the S&P500 sell off more this week. The upside target for this would be to return back to all-time highs above 47.

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