Oracle continues its run to the upside. What now technically for the stock?

In the video above, I take a look at Oracle the day after running higher on fundamental news of a joint venture took the price above the 100 day MA and the 200 hour MA. Both breaks to the upside were bullish technically. Those levels also helped to define risk for traders looking for more momentum in the direction of the break.

As outlined in the post yesterday, “Close risk is the 100-day MA at $170.48 and below that the 200-hour MA at $168.50”. Staying above was more bullish.

The price did stay above the MA levels and at the open today, the price gapped higher again reaching close to $192.00 before rotating lower.

What next?

In this video, I take a relook at the technicals and outline higher, closer risk for traders and explain why. If that level is not broken, the buyers are in firm control, and a move to retest targets at $188.93, $192.00, $195.93 and then all-time high at $198.31.

If the level is breached to the downside, traders can exit with a fast profit (close to 6%).

This article was written by Greg Michalowski at www.forexlive.com.