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  • Swing Trade Idea (ORCL) – April 9, 2024

    Apr 09, 2024 Swing Options Tips Comments Off on Swing Trade Idea (ORCL) – April 9, 2024

    Our bearish trade for Tuesday, April 9th is Oracle Corp. (ORCL). ORCL is part of the Technology Sector, which traded at -2.03% over the last month, with ORCL overperforming at 8.56% over the same period.

    ORCL jumped $10 higher on earnings a month ago but failed to maintain a price above $126, which was the previous all-time high from 2023 when a double top was formed. As ORCL is sliding lower and is now at the top of the gap, we expect ORCL to pull back and close this gap towards the $115 region, over the duration of this trade.

    As a close, if ORCL were to trade below $126 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $5.70.

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