Oracle Corporation (ticker: ORCL) has recently identified an interesting area of support on the 4-hour chart between $119.20 and $119.83.

As you can probably see from the chart, the current support area is structured through two trendline support levels, the Ichimoku Cloud Support (the difference between the Leading Span A and Leading Span B), horizontal support, a 50% retracement ratio, a 61.8% Fibonacci retracement ratio and a 100% projection ratio.

Price Direction?

Buyers attempting to enter long from the current price based on the above support area will likely have stop-loss orders around $118.08 and may target the 38.2% and 61.8% Fibonacci retracement values that are derived from legs A-D of the AB=CD formation, which in this case reside at $122.28 and $124.04.

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