Back to top
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
Okta (OKTA) Crossed Above the 200-Day Moving Average: What That Means for Investors
After reaching an important support level, Okta (OKTA - Free Report) could be a good stock pick from a technical perspective. OKTA surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
Over the past four weeks, OKTA has gained 9.7%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider OKTA's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 14 higher, while the consensus estimate has increased too.
Investors should think about putting OKTA on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.