New York, November 29th (TradersHuddle.com) - Oracle Corporation (NASDAQ:ORCL) closed the trading day at $31.80, near its 50 day moving average that is set at $31.13. Oracle's price action is just above this important support level, providing a trading opportunity.
Oracle Corporation (NASDAQ:ORCL) supplies software for enterprise information management. The Company offers databases and relational servers, application development, and enterprise business applications.
The peaks and troughs algorithm shows calculated support at $29.52 and calculated resistance at $31.06. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Oracle should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.