McKinnon said that companies need a lot of flexibility to let their people work from anywhere and Okta offers a seamless security platform that allows employees to work from any device on any network.
Let's check out the charts of OKTA.
In the daily bar chart of OKTA, below, we can see that prices have largely traded in a sideways pattern since last May. The shares are trading just below the declining 50-day moving average line and the declining 200-day moving average line. The trading volume was very heavy back in September and October when prices made lows around $95.
Trading volume also increased in March when prices were back down around $95, which seems to be an area that attracts interest. The daily On-Balance-Volume (OBV) line is mixed. It shows a decline from July but the line did not move to a new low last month when prices briefly made a new low. We could consider this a bullish divergence.
The Moving Average Convergence Divergence (MACD) oscillator crossed to the upside for a cover shorts buy signal last month but recently it looks like the two moving averages that make up this indicator have begun to narrow. This could mean a new sell signal in the days ahead.
In this weekly bar chart of OKTA, below, we can see the longer-term uptrend. Currently prices are trading around the declining 40-week moving average line.
The weekly OBV line shows a decline from September and the weekly MACD oscillator is getting very close to the zero line and a possible outright sell signal.
In this daily Point and Figure chart of OKTA, below, we can see two items worth pointing out. First the chart is projecting a possible downside price target in the $98 area. Prices have been down in this area before and buyers showed up. The second point of interest is if prices trade at $128.71 -- this will be a new high for the move up and should refresh the uptrend.
Bottom-line strategy: Okta's charts and indicators on OKTA are mixed and the Point and Figure chart could go either way. I think we should let OKTA show us the way. I am not a fan of buying weakness so if the stock can trade above $128.71 I would favor going long.