Options Bulls Doubled Their Money with this Oracle Stock Call

At the time of our recommendation, ORCL had plenty of technical support in place

Deputy Editor
May 31, 2023 at 2:16 PM
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Last week, Schaeffer's Option Advisor subscribers doubled their money with our suggested Oracle Corp (NYSE:ORCL) August 92.50 call. Below, we'll dive into the telling points for this bullish bet on the software stock. 

At the time of our recommendation on Thursday, April 27, ORCL had been charging up the charts since its September 2022 bottom, up 16% in 2023. The shares pulled back to support at their 30-day moving average, which was also the site of both previous support and resistance late last year. We also noted the equity's market cap near the round $250 billion level, which the stock later moved past at $92.60. 

ORCL was also sitting above its February and March highs at $91, with ample room for upgrades on the analyst front. At that point, 13 of the 24 covering brokerages carried a tepid "hold" or worse rating. Short interest had increased both long term and in the two most recent reporting periods, up nearly 14% during the latter. A lower IV reading was also on deck for the shares, making it the ideal time to buy ORCL premium.

On April 27 when the trade was entered, ORCL was trading at $95.04. Since then, the stock has rallied to levels not seen since its December 2021 record high of $106.34, trading at $105.89 at last glance. We exited the position with a closing price of $104.08, allowing subscribers to collect a 100% profit. 

ORCL May31

 

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