Market Overview

As Oracle Tanks, Look For More Downside


Oracle Corporation (NYSE: ORCL) was trading over 9 percent lower on Tuesday morning. The company reported earnings per share of $0.83 and total revenue of $9.77 billion, compared to analyst expectations of $0.72 and $9.78 billion.

However, the outlook for the remainder of the year was below expectations, as was revenue related to its cloud services line. Also, the company took a $6.9 billion charge related to the recent tax reform measure.

ORCL turned negative at the end of last year and then managed a double top, as shown on the chart below. Our cycle analysis suggests lower prices into June, with possible targets at $44 then $41. The market cycles are designated by the semicircles at the bottom of the chart.

Oracle Stock Chart with Weekly Bars

For an introduction to cycle analysis, check out a clip of our Big Picture Analysis, or visit and become a free Level 1 member for the full version.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: contributor contributorsEarnings News


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