Oracle Corp. (ORCL) is having a good Tuesday. Shares are surging in premarket trading, fueled by a mix of anticipation for its upcoming first-quarter earnings report and a string of high-profile artificial intelligence deals that have investors buzzing.

While the broader market is taking a breather, with S&P 500 futures down 0.31%, Oracle is bucking the trend. The company is set to report its fiscal first-quarter 2027 results on Thursday, and the market is clearly expecting good things.

What to Watch in Oracle's Earnings

Wall Street is looking for non-GAAP earnings of $1.67 per share on revenue of $19.13 billion. Oracle's own guidance, however, was a bit more optimistic on the bottom line, projecting EPS between $1.72 and $1.76, with revenue in the range of $18.96 billion to $19.25 billion.

Paul Meeks, Head of Technology Research at Freedom Capital Markets, points to the company's massive remaining performance obligations (RPO), which exceed $600 billion. But he adds a crucial caveat: "about 50% of the RPO is OpenAI." That concentration is both a strength and a risk, depending on how you look at it.

The Technical Picture

From a chart perspective, Oracle's recent bounce has some legs. The stock is trading about 11.8% above its 20-day simple moving average (SMA) of $148.31 and roughly 18.6% above its 50-day SMA of $139.84. That shows real follow-through on the upside.

But here's where it gets interesting: the stock is only about 0.7% above its 100-day SMA of $164.67 and about 1.8% below its 200-day SMA of $168.78. That puts Oracle right in a "prove it" zone, where longer-term trend followers often demand a clean reclaim before jumping in.

Zooming out, the picture is less rosy. Oracle is still down 33.42% over the past 12 months, and the death cross that formed in January (when the 50-day SMA fell below the 200-day SMA) reflects the longer-term damage. The July swing low and the oversold RSI reading that month mark the last major washout area, while the August swing high is the most recent point where rallies have faded.

Here are the key levels to watch:

• Key Resistance: $172 — a nearby round-number area that also sits above the 200-day moving-average zone, where rebounds can stall if buyers don't follow through.
• Key Support: $137 — a prior buyer-defense area near the lower end of the recent base, where dip-buyers previously stepped in.

As of premarket trading on Tuesday, Oracle shares were up 4.51% at $165.93, according to market data.

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