Monthly price candles are still in price channel and reaching out to nearest peak. Hopefully the 56 mark. Eliot wave analysis says this is the 5th wave of price movements and it will end once it reaches the peak.Then you can expect a double top reversal or another major wave forming.
Lets zoom into Weekly charts
ORCL Weekly Price Action Chart
You can see the price has broken the 52 level resistance and reaching new high. There should be definitely a continuation of this momentum. But if you go micro levels there will be always dips on the way. Keep and eye on weekly trend line if you are a short term investor. You need to exit only if the price breaks below the weekly trendline. At the moment, price is well above the weekly trendline.
The beauty of the Price action analysis is you do not have to go through N number of indicators. Especially when these indicators are contradicting each other, it will be a hard job to make a decision. In Price action analysis, you rely on resistance and support levels and trendlines. If you are a consistent trader, these tools are more than enough to keep you profitable.
Let us see what is happening in daily chart
ORCL Daily Price action chart analysis
Does it look complicated? Not so. This chart just shows most probable price moves to be expected. Let us go through each one in detail.
The price has broken the last resistance level of 51.36 comfortably. Now it should be the immediate support for the price. Hope you are well aware of the fact the resistance becomes support and vice versa. But the price has broken this level and came to 50.42 today. But it is still on the trendline support.
What are the possible moves ahead?
1. Due to current news and views, price took a dip back to the support level of 50.42. There are another two possible routes open at this point.
2. If there are any bad news, price can break this point and go back to weekly support trendline. ie 48.08 mark and bounce back from there.
3.If it respects the daily support trendline, the price can bounce back from current level and move towards 56
ORCL Renko chart
Renko chart indicates that there can be a consolidation period until the price reaches the support trendline. So this can be a indecisive waiting period for next major trend.
ORCL LIVE CHART