Swing Trade Idea (ORCL) -January 12, 2023
Our bearish trade for Thursday, January 12th is Oracle Corporation (ORCL). ORCL is part of the Technology Sector, which has performed at -1.34% over the last month, with ORCL overperforming relative to its sector at 10.94% over the same period.
ORCL rallied into a long-term key area of $89. As ORCL is showing signs of exhaustion following a multi-month bullishness, this underscores our counter-trend thesis on this trade.
As a close, if ORCL were to trade above $90 for multiple days, this would invalidate our analysis and will consider cutting losses on the trade. We also will consider cutting losses on this options trade if the value of the vertical spread moves below $1.39.
