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Technical Take On Oracle After Q1 Report

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Technical Take On Oracle After Q1 Report
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Oracle Corporation (NYSE: ORCL) shares are trading lower by $1.30 (3 percent) at $39.56 in Friday's session. The catalyst for the decline is Q1 EPS miss along with a slight miss in revenues. This marks the second quarter in a row the company has missed for EPS.

It should be noted the company has missed Wall Street estimates for revenues in 14 of the last 17 quarters, dating back to Q1 2012.

The issue immediately came under selling pressure in after-hours trading. Off a lower open, it attempted to rally but found sellers ahead of Thursday's low ($40.09), with the rally stalling at $39.95.

Related Link: Oracle's Earnings: 'Tug Of War Between Old And New Continues'

The ensuing decline has taken the issue to $39.51 and is attempting to rebound. That breaches the low from last Friday's session of $39.68. The current low coincides with its June 29 low of $39.49.

In the event the issue can't rebound from its current area, there may be limited support in the issue until its post-Brexit low from June 28 at $38.58.

The issue is on pace to have massive volume, as 11.5 million shares have changed hands in first 50 minutes compared with its 20-day average of 10.9 million.

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