The Surprising Rise Of Oracle: How It’s Defying Market Trends?

Oracle Corporation (ORCL) is one of the largest software companies in the world. It provides enterprise database, hardware and middleware solutions, cloud solutions and various enterprise-grade application softwares. It is also a forerunner on subscription based cloud solutions. ORCL is listed on NYSE and is a component of S&P 500 under Information Technology.

ORCL price hit an all time high of $104 on 10 Dec 2021. The price reacted with a Wyckoff change of character and sign of weakness (SOW). This was accompanied by an increase in volume suggesting the presence of supply as the Wyckoff distribution was unfolding. The price hit a low around $69 on 24 Feb 2022 followed by an automatic rally, with the price touching $83. The down trend could be stopped and became a trading range from here on.

Although the price gap down to $63 on 13 June, the subsequent reaction was a reversal gap up and higher low. The spike in volume suggests the presence of demand. The price then moves in a range between $63 and $79 with characteristics of the Wyckoff accumulation phase. It broke below $63 and did a Wyckoff spring on 3 Oct followed by a successful higher low test. The next price action was a Wyckoff sign of strength (SOS) rally, which confirmed the low was formed during the Wyckoff spring.