ORCL support zone 135 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 12:30 ET, ORCL traded at 138.85, 2.9% above the support zone. On the same map, the next level above was 140 and the next level below was 130. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 9:30 AM ET), with a low of 133.40 and a high of 143.43. In the last hour price moved up 3.26, from 138.14 to 141.40.

The regular-session close was 137.90, 2.90 (2.15%) above the support zone at 135. Under the rule (support zone: close above is a hit), that is a hit.

This level came from the price chart rather than from news. There was no company-specific news that day. ORCL finished the day up 3.9%, while SPY was down 0.2%.