You don’t need an Oracle to tell you where this one is heading!
ORCL entered the continuation of its uptrend back in Aug.’20. This uptrend lasted up until Jul’21. From Jul.’21 – Jan.’22, price formed an Expanding/Reverse symmetrical triangle. By the end of the Jan.’22, price broke down from triangle. This confirmed the top of the market and the reversal of trend. Following this breakdown, we saw a Death Cross confirming the bearish conditions in the market. Since reaching a high of 106, price has now made a series of lower Highs and lower lows. This confirmed the downtrend for ORCL.
The price rejection of the 200ema gives us a good entry point to enter trade short.
Entry: 74.33 Stop loss: 80.88 Target #1: 64.16, +13.51%, +1.5 RR ratio Target #2: 56.14, +24.32%, +2.69 RR ratio
funny to see this now. I had a strong feeling we would see under 70 when it was still around 80. I think we are looking at your 2nd target prices soon. may be wrong, may be right. time will tell. good calls...or should i say puts?
rudcharts
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@festeringian, thanks. Check out all my other trades. I've been posting heat all year