Okta: Strong In a Weak Market?Okta has been quietly fighting higher, and some traders may see opportunity in its latest pullback.
The first pattern on today’s chart is the series of higher weekly lows since November. That contrasts sharply with the S&P 500 and Nasdaq-100, which have made lower weekly lows.
Second, the 50-day simple moving average (SMA) began the year by rising above the 100-day SMA. A “golden cross” above the 200-day SMA followed in February. The next month, the 100-day SMA rose above the 200-day SMA. That sequence, with the faster SMAs above the slower ones, may reflect a positive long-term trend. (See the circles.)
Speaking of the 100-day SMA, OKTA is trying to hold that line this week.
Finally, bullish price gaps following the last two quarterly reports may reflect improved fundamental sentiment in the cybersecurity company.
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