S&P 500 futures are up 0.3%, giving the stock a supportive backdrop heading into the open.$7 Billion Defense Contract MattersThe U.S. Defense Department awarded Oracle a 10-year, nearly $7 billion enterprise software agreement negotiated by the Department of the Navy, marking the first direct award contract covering the department’s on-premises Oracle usage.Notably, this contract valued at $3.31 billion for the first five years and potentially $6.99 billion if options are exercised, streamlines procurement processes for Oracle’s commercial products and services.The Pentagon said the deal consolidates licensing, improves visibility into usage and spending, and is expected to drive at least $441 million in taxpayer savings.Oracle Stock: Critical Levels To WatchEven with the contract headline, the longer-term chart is still in "repair mode": the stock is down 50.57% over the past 12 months and is trading 34.8% below its 200-day SMA, a sign the primary trend remains bearish. It’s also trading 29% below its 50-day SMA, and the 50-day SMA remains below the 200-day SMA following the death cross in January.Momentum is the more interesting near-term tell right now, with RSI at 29.08—an oversold reading that often signals selling pressure has become stretched, and conditions may be setting up for a bounce if buyers can defend nearby lows. That said, oversold doesn’t equal "bottom," and the stock’s recent swing low in July keeps the focus on whether price can build a base rather than just snap back briefly.From a levels perspective, the stock is sitting close to the bottom of its 52-week range ($119.44 to $345.72), which can attract dip-buying but also increases the risk of breakdowns if support fails. A practical "trend check" for any rebound attempt is whether price can start reclaiming short-term averages like the 20-day SMA, since it’s currently 9.9% below that level.