Okta (OKTA) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, OKTA broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
OKTA has rallied 14.7% 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 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on OKTA for more gains in the near future.
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This article originally published on Zacks Investment Research (zacks.com).
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