Shares of Oracle (ORCL - Get Report) are down 4.2% in afternoon trading Thursday. The move comes after the company reports a disappointing quarterly result.

Fiscal first-quarter earnings of 81 cents per share were in-line with expectations, while revenue of $9.22 billion grew by just 0.3% year-over-year and missed analysts' expectations by $70 million. There are other considerations to take note of, though.

CEO Mark Hurd is taking a leave of absence for medical reasons, with co-CEO Safra Catz and former CEO Larry Ellison sharing the role while he is out. Further, management announced another $15 billion will be added to its buyback fund.

The quarter also caught some investors off-guard, as Oracle was supposed to report earnings on Thursday after the close, not Wednesday.

The quarter is disappointing, but not to the extent that mass selling is underway. Let's look at the charts to see where bulls may consider stepping up to buy Oracle stock.

Trading Oracle Stock

Weekly chart of Oracle stock.
Weekly chart of Oracle stock.

Above is a weekly look at Oracle stock, which has been rejected by downtrend resistance (blue line). It's also having trouble maintaining above its 10-week moving average and the $55 level.

While that much is true, it doesn't mean that share prices are set to collapse. In fact, a pullback into support may be just what investors are looking for.

Not only has $51.50 been a significant level over the past two years, it also marks the 50% retracement over the past 12-months. Lastly, the 50-week moving average is trending higher and currently at $51.66. A pullback into this area would be a solid risk/reward for bullish traders.

If this level holds as support, investors can look for a bounce back up to the 10-week moving average and potentially $55.

What if Oracle stock falls to ~$51.50 and it doesn't hold as support? In that case, look for a possible decline down to $49.50. That will put ORCL stock near the June lows, as well as the 61.8% retracement at $49.31.

If that level fails as support, $46.50 could be in the cards. For now, though, take it one level at a time. A pullback to $51.50 that holds is a good risk/reward for traders. Above the 10-week puts $55 on the table.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.