Thursday, December 07, 2006

ORCL...Sitting On Support


The last few days ORCL has felt very bearish given the move down and the increase in volume, but when you look at the big picture, the trend is still clearly up.. Right now ORCL is sitting on the top of a 1 dollar gap which is from 16.50 to 17.50. This area should provide some support or short covering... ORCL also has it's 200 day moving average which is rising rather nicely.. So in my opinion the trend is still up and we need to wait for some kind of buy signal in this gap area if we are going to be a buyer.. What would be a buy signal? I'd like to see a bullish reversal day closing on it's high with volume... Maybe some bad news comes out but ORCL closes on it's high...etc.. Right now I'd be on the sidelines waiting patiently to buy...but there is no buy signal as of yet.

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