Okta (OKTA) Crossed Above the 20-Day Moving Average: What That Means for Investors
Okta (OKTA) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, OKTA broke through the 20-day moving average, which suggests a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
OKTA has rallied 5.4% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests OKTA could be on the verge of another move higher.
Looking at OKTA's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 3 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors may want to watch OKTA for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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Okta, Inc. (OKTA) : Free Stock Analysis Report
