Okta, Inc. (OKTA) is scheduled to release its latest quarterly numbers after the close of trading Wednesday. The stock has been climbing higher since making a low in November and recently made a new high for the move up.
Let's check and see how traders may be positioned.
In the daily bar chart of OKTA, below, I can see that the shares are trading above the rising 50-day moving average line. The slower-to-react 200-day moving average line is still in a downward trend.
The On-Balance-Volume (OBV) story has shown strength from September and tells me that buyers of OKTA have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of OKTA, below, I see a constructive picture. The shares are in a recovery rally and trade above the negatively sloped 40-week moving average line.
The OBV line has been improving since October. The MACD oscillator is now slightly above the zero line.
In this daily Point and Figure chart of OKTA, below, I can see a potential upside price target in the $106 area.
In this weekly Point and Figure chart of OKTA, below, I can see an upside price target in the $136 area.
Bottom-line strategy: I have no special knowledge of what OKTA will tell shareholders this evening. The charts are positive looking so all things being equal I would look for continued gains from OKTA.
