Monitor Oracle Stock Price Levels as Discussions with Elon Musk’s xAI Conclude

Shares of Oracle (ORCL) dropped 3% on Tuesday following reports from Information saying that talks between the company and Elon Musk’s xAI regarding a $10 billion server deal had come to an end. Musk later confirmed on X that xAI had decided to build its own system for greater control over the project’s speed.

Technical analysis of Oracle’s stock chart revealed a bearish engulfing pattern, a two-bar formation indicating a potential slowdown in upward momentum and a possible reversal. Additionally, a divergence in the relative strength index (RSI) suggested that the bullish trend may be weakening. Projecting a target price of around $150 based on historical patterns, with an all-time high of $145.79 set in July.

Key support levels for Oracle stock in the event of a pullback were identified at $134, $127.50, and $117. These levels may attract buying interest and potential price reversal, with $127.50 supported by a horizontal line linking previous swing highs and aligning with the 50-day moving average. Further support could be found at $117, where a confluence of trend lines, peaks, valleys, and the 200-day moving average may provide price support.

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