During the ever popular Lightning Round segment of Mad Money Monday night, one caller asked Jim Cramer about Okta Inc. (OKTA) : "Cybersecurity is never going out of fashion. You need this company," was Cramer's advice.
We have looked at OKTA not too long ago and wrote that, "OKTA might pull back slightly toward $120 in the near term to give traders a buying opportunity. If you use that weakness to buy, then use a sell stop below $110. Our price targets are $139 and $154."
Looking at the latest charts of OKTA, below, we can see that traders got the opportunity to go long OKTA around $120. WIth OKTA getting close to our first price target of $139 a fresh look at the charts seems like a good idea.
In the daily bar chart of OKTA, below, we can see that prices have been trending higher and are above the rising 50-day moving average line as well as the rising 200-day moving average line. The On-Balance-Volume (OBV) line has been moving higher since the middle of September and tells us that buyers of OKTA have been more aggressive than sellers.
The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in bullish territory and is poised for a turn to the upside -- all we need is for prices to rally.