Oracle (ORCL) shares surged more than 9% in extended trading on Monday after the enterprise software company posted 澳洲幸运5官方开奖结果体彩网:better-than-exꦐpected fiscal fi𝓰rst quarter results and announced a multicloud partnership with Amazon’s (AMZN) cloud business, Amazon Web Services.

The software giant’s stock has gained around 34% since the start of the year prior to Monday’s after-hours jump, as growing demand for its cloud services, particularly in 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) applications, has p🃏owered earnings in recent quarters.🔯

Below, we’ll take a close look at the 澳洲幸运5官方开奖结果体彩网:technicals on Oracle’s chart and point out important post-ear💯nings price ♍levels to watch out for. The stock rose 8.9% to $152.30 in after-hours trading Monday.

Bulls Defend Trading Range Retest

Oracle shares staged a decisive 澳洲幸运5官方开奖结果体彩网:breakaway gap above 12-month 澳洲幸运5官方开奖结果体彩网:trading range in mid-June but subsequently retraced the move throughout most of July to the initial breakou🌟t area. However, bulls stepped in to defend this important technical level in early August before driving a rally of more than 11% from last month’s low ahead of the company’s quaꦚrterly results.

Amid the stock’s projected jump to a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) following its upbeat report, investors can forecast both a shorter-term and longer-term price target using 🐎technical analysis.

Shorter-Term Price Target

We can forecast a shorter-term 澳洲幸运5官方开奖结果体彩网:price target by using the 澳洲幸运5官方开奖结果体彩网:measuring principle, sometimes refer🌼red to as the ওmeasured move technique.

This works by calculating the distance between the trading range’s upper and lower trendlines and adding that amount to the June breakout point. For instance, we add $27 to $127, whic▨h projects a target of $154.

Longer-Term Price Target

In𒉰vestors can predict a longer-term price target by 𝓰using a bars pattern.

We do this by extracting the stock’s upward trending move from December to June and position it from last month’s 澳洲幸运5官方开奖结果体彩网:swing low. Doing so pro🌼jects an upside targe♉t of around $180.

Moreover, that prior advance occurred over 126 trading days, indicating that the shares could remain in an uptrend until early February if a simi🌃lar move were to play out.

Key Retracement Level to Watch

During retracements or periods of 澳洲幸运5官方开奖结果体彩网:profit taking, investors should monitor how the price responds to the $145 level, an area on the chart that may flip from providing prior 澳洲幸运5官方开奖结果体彩网:resistance into offering future support following the stock’s projected jump above this region on Tue𒆙sda🧔y.

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