Technology stocks have been a drag on the most important indices since the end of October, especially megacaps and AI stocks. One of the biggest losers from the tech rotation was Oracle (ORCL), which is oversold in the medium term after a nearly 50% peak-to-trough decline. We are intrigued by the setup and note that ORCL has stabilized near-term support from the weekly cloud model, which ranges between $190 and $195. This is an important support zone as it defines the cyclical uptrend from the 2022 low. The weekly stochastics are in oversold territory (<20%) and the weekly MACD histogram has been higher for four consecutive weeks, increasing the likelihood that a tradeable low has been reached. From a short-term perspective, ORCL has a bullish divergence in its daily MACD, which made a higher low in December when the price made a lower low. The setup reflects improving near-term momentum and supports a recovery rally in the near term. A...
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