PPR - Oracle Corp. (ORCL) Puts in a Series of 2 Pocket Pivot Buy Points
What we consider to be the "grand-daddy" of cloud-computing Oracle Corp. (ORCL), flashed two pocket pivot points over the past three days as it emerges from a short flag formation, something that has been a bit of a chop and slash phenomenon as the stock has jerked around, as we see in the daily chart below. With the recent price breaks in smaller cloud-computing stocks, we see ORCL as a beneficiary of money flows seeking to capitalize on the cloud phenomenon in a more reliable, big-cap name like ORCL that is also showing strong fundamentals. The huge-volume gap-ups in the pattern, as well as the recent strong upside volume over the past few days provide strong evidence that ORCL is under serious accumulation by institutions. We can certainly see the stock getting into the mid-30 price range.
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