Oracle shares close higher on Wednesday, Oracle America Inc charged with wage and hiring discrimination

Oracle America Inc, an Oracle Corporation unit, has been sued by the US Labor Department, as white male employees at the technological company systematically received larger payments compared to other worker groups, while, on the other hand, Asians were the most favored applicants in the recruiting process. In a complaint, filed with an administrative judge in Washington, the Labor Department noted that no cases of racial discrimination should be present at the company given the tremendous money amounts it obtains as a contractor with the government.

Oracle shares closed higher on Wednesday, while marking their fourth gain in the past five trading sessions. The stock edged up 0.23% ($0.09) to $39.19, after climbing as high as $39.34, or a level not seen since January 9th ($39.45). In the week ended on January 15th the shares of the technological company added 2.11% to their market value compared to a week ago, which marked the first gain in the past five weeks. The stock has extended its advance to 1.92% so far during the current month, following a 4.33% slump in December. The latter has been the worst monthly performance since September 2016. For the entire 2016, Oracle Corporation shares gained 5.26%.

According to charges, white male employees at Oracles headquarters in Redwood Shores (California) were paid more in comparison with female and non-white employees occupying the same job positions, regardless of their experience. Meanwhile, Asian applicants, and more precisely people from India, were more likely to be hired for roles such as product development compared to white, black and Hispanic applicants.

Deborah Hellinger, a spokesperson for Oracle, responded to these accusations, saying they were baseless and “politically motivated”. “Oracle values diversity and inclusion, and is a responsible equal opportunity and affirmative action employer”, Hellinger said, cited by Reuters.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Oracle stock are presented as follows:

R1 – $39.22
R2 – $39.25
R3 (Range Resistance – Sell) – $39.28
R4 (Long Breakout) – $39.36
R5 (Breakout Target 1) – $39.46
R6 (Breakout Target 2) – $39.50

S1 – $39.16
S2 – $39.13
S3 (Range Support – Buy) – $39.10
S4 (Short Breakout) – $39.02
S5 (Breakout Target 1) – $38.92
S6 (Breakout Target 2) – $38.88

By using the traditional method of calculation, the weekly levels of importance for Oracle Corporation (ORCL) are presented as follows:

Central Pivot Point – $39.06
R1 – $39.65
R2 – $40.04
R3 – $40.63
R4 – $41.22

S1 – $38.67
S2 – $38.08
S3 – $37.69
S4 – $37.30