ORCL, AMZN and GOOG Forecast – Major US Stocks Looking to Move Higher

ORCL Technical Analysis

Oracle exploded to the upside during the trading session on Wednesday after the earnings miss. But when you look into it, it turns out that Oracle is booking record amounts of gains. And even though they missed this particular earnings call, the forward guidance was extraordinarily strong. And some firms have raised their price targets for Oracle as high as $410.

So, it should have some room to run. At this point though, it’s more or less a scenario where you’re looking for short-term pullbacks in order to find value. It’s really hard to chase a market that has gapped basically a third right away at the open. If you’re not already involved in it, it’s chasing trades in the worst of manners. Short-term pullbacks should continue to offer buying opportunities.

AMZN Technical Analysis

Amazon looks like it’s going to bounce a bit at the open as pre-market trading has been fairly positive after what was a really ugly session on Wednesday. So, Thursday looks like it is going to try to turn those things back around. All things being equal, this is a market that I think pays close attention to the $240 level. And if we could break above there, it could very well open up the possibility of a move to much higher levels.

GOOG Technical Analysis

Google looks like it is going to try to open a little higher during the trading session on Thursday, but it does look pretty exhausted at this point. We had a massive gap higher after the court decision that sent everybody into a frenzy. And then now it looks like we are ready for a pullback fairly soon. That pullback should end up being a buying opportunity if you’re patient enough. This isn’t to say that you should short the stock. I have no interest in doing that. It is a very bullish stock. But at this point in time, you might get an opportunity to pick up some shares at a discount. That’s literally what you want to do.

If you’re patient enough to wait for that discount, it should appear and open up a buying opportunity. The trend line sits right at about the $220 level at the moment. So, we’ll see. We’ll see if we get back there and bounce a bit. As far as a break above the candlestick from the Wednesday session is concerned, at that point in time, you’re chasing a very impulsive move. And of course, that is dangerous.

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