Good day stock traders! For those who are not aware, the shares of Oracle Corporation soared by about 9.3% last week. As you can see from its daily chart, the bullish gods must be behind the company when its stocks gapped up after dangerously falling below both the 50-day and 200-day moving averages. In the process, the shares of Oracle went back above the mentioned averages and the resistance just above 24.50. Now, it could use these two averages including the 24.50 marker as supports in case Oracle weakens due to profit taking. Anyhow, Oracle could still rise until it encounters some resistance at its former peaks at 25.50 and at 26.50. A move above these levels could send it on track to another bullish run.
Last week’s jump was due when Mark Hurd, the former president of Hewlett Packard (HP) was hired by Oracle corporation as a co-president, director and board member. Mark Hurd was one of the better CEO’s that brought HP back to its former fame. In fact, he was named as a “TopGun CEO” by Brendan Wood International in 2009. He, however, resigned when he found himself in the middle of a sexual harassment case. Nonetheless, his hiring as the new president of Oracle sent the company’s stocks soaring.