Oracle seems to be stronger than the average of the market (S&P or Russel), so it's deserving to have a look at its chart. For about six months it is moving in a descending channel, but in the last weeks it formed two short-term higher lows and higher highs. So in short-term it's in uptrend!
30.5 was strong support until ORCL left in the beginning of August. Afterwards it fell almost 20%. Since the middle of September this Friday was the third occasion when the exchange rate reached this important level again. Longers may trust in the rule of four (the fourth attempt is generally successful.)
When we examine the chart, we can see arguments on both sides. The price is below the 200-day moving average (long-term bear), but above the 50-day MA (medium-term bull), it's below 30.5 and within the descending channel (bearish), but it sticks to both resistances and it's in a short-term uptrend (bullish).
Last week it rocketed 10%, so it would be desirable to shape some lower volatility day close to the resistances, because in this case the stop-loss orders could be lifted much closer to the level of a possible breakout. If the price exceeds 30.5, then (the 200-day MA at) 31.44, 32.55 and 34.0 would be the main resistances below testing the high of May (above 36).
If the price turns down again from the channel-line, then the 27.5-28 zone should hold the pressure of the sellers. If these supports fall, then 25.7 and the low of August (24.7) would be quickly reachable.
Briefly, the perspective is a bit brighter than the big picture of the market, but we shouldn't advance the breakout, because the market-mood is quite fragile.
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