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8/17/99 Oracle Corp (ORCL)
Points to watch: Oracle gapped
above its 55 day moving average on June 16th and hasn't looked back since
then. Money continues to flow into the stock, with Money Flow rising
sharply and weekly OBV hitting a new high on Monday. Yesterday's
action confirmed a short term double bottom in the stock (with lows on
7/26 and 8/10). The stock hit an intraday high of 39.5 yesterday
before closing at 39.19 and is now ready to challenge its July 16th high
of 39.75. A buy signal would be given on a break above the
39.75 level.
One
cautionary note: Daily stochastics and weekly RSI are both
showing strong negative divergences with price on this latest run at the
39.75 level, with weekly RSI in a downtrend. While other indicators
continue to confirm recent price action, the possibility still exists that
this latest run could end here and a short term double top will develop. |
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