Okta (OKTA Quick QuoteOKTA - Free Report) 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 investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages.

The 20-day moving average can show signals that are similar to other SMAs as well. 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 could be on the verge of another rally after moving 31.7% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.

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 13 higher, while the consensus estimate has increased too.

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.