From a technical perspective, Okta, Inc. (OKTA - Free Report) is looking like an interesting pick, as it just reached a key level of support. OKTA's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.
Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.
Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.
A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.
Shares of OKTA have been moving higher over the past four weeks, up 14%. Plus, the company is currently a #1 (Strong Buy) on the Zacks Rank, suggesting that OKTA could be poised for a breakout.
The bullish case only gets stronger once investors take into account OKTA's positive earnings outlook for the current quarter. There have been 15 upwards revisions compared to none lower over the past 60 days, and the Zacks 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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Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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From a technical perspective, Okta, Inc. (OKTA - Free Report) is looking like an interesting pick, as it just reached a key level of support. OKTA's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.
Considered an important signifier for a bullish breakout, a golden cross is a technical chart pattern that's formed when a stock's short-term moving average breaks above a longer-term moving average; the most common crossover involves the 50-day and the 200-day, since bigger time periods tend to form stronger breakouts.
Golden crosses have three key stages that investors look out for. It starts with a downtrend in a stock's price that eventually bottoms out, followed by the stock's shorter moving average crossing over its longer moving average and triggering a trend reversal. The final stage is when a stock continues the upward climb to higher prices.
A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.
Shares of OKTA have been moving higher over the past four weeks, up 14%. Plus, the company is currently a #1 (Strong Buy) on the Zacks Rank, suggesting that OKTA could be poised for a breakout.
The bullish case only gets stronger once investors take into account OKTA's positive earnings outlook for the current quarter. There have been 15 upwards revisions compared to none lower over the past 60 days, and the Zacks 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.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
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