Okta (OKTA Quick QuoteOKTA - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, OKTA broke out above the 50-day moving average, suggesting a short-term bullish trend.

The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.

OKTA could be on the verge of another rally after moving 23.1% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.

The bullish case only gets stronger once investors take into account OKTA's positive earnings estimate revisions. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.

Investors should think about putting OKTA on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.