Chart Glance- After ORCL formed a double bottom on Dec 27th 2011 (around $25.50 level), ORCL has been off to the races. ORCL looks to be forming a broader, reverse head and shoulder-type pattern. Seems like ORCL has found a new support area at the $30 level. $32.50, and sellers start showing up to the party.
50 DMA ($28.94), 100 DMA ($29.44), 200 DMA ($7.58).
Support 1: $29.44 Support 2: $28.54
ORCL opens 2% higher after beating analysts’ estimates. ORCL reported earnings today that topped analysts expectations and software sales were strong. Revenue rose 3% to $9.1Billion, beating analysts’ expectations of $9Billion. Next, ORCL reported earnings of $0.62 per share, $0.06 better than the consensus. ORCL reported new software license revenue growth of positive (+) 8%. FBR and UBS raise price targets to $36 from $34. Finally, Elison bashes CRM’s cloud apps. Elison states, “CRM cloud apps does not have the same security features as the Fusion(ORCL’s cloud app).