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Instrument: US30
Bullish Preference:
A buy position is envisaged if the price trades above 34616 with take profit at 34652
Bearish Preference:
A sell position is envisaged if the price trades below 34560 with take profit at 34528
Fundamentals:
USD 6:00 PM 10-y Bond Auction
Comment:
This positive tone has disappeared Tuesday, after Oracle (NYSE:ORCL) offered up disappointing current-quarter revenue guidance after the close Monday as a tough economy pressured cloud spending by businesses.
The computer software company forecast second-quarter revenue growth of between 5% and 7%, lower than analysts’ average estimate of 8.2%, causing its stock to slump over 9% premarket.
After a surge in cloud demand during the pandemic, businesses are rethinking their digitization plans, hurting Oracle as it plays catch-up in a segment dominated by larger rivals.
Analysis: SCRUM Team
