Cloud Stock Poised to Overcome Long-Term Resistance

There is still room for upgrades among the brokerage bunch

Digital Content Manager
Aug 18, 2022 at 2:05 PM
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Cloud concern Okta Inc (NASDAQ:OKTA) was last seen up 0.5% to trade at $102.24. The equity has been testing a floor at the $100 over the past couple of weeks, though it still carries 54.6% year-to-date deficit. It looks like the security may soon bounce off that area of support, though, as it is currently flashing a historically bullish signal, which has preceded sharp moves higher in the past.

More specifically, OKTA just came within one standard deviation of its 40-day moving average, which has mostly supported shares since early July. Per data from Schaeffer's Senior Quantitative Analyst Rocky White, three similar signal have been observed in the last three years. After 67% of these occurrences, the stock was higher, averaging a one-month gain of 9%. A similar move from its current perch could place OKTA firmly above the $110 region, which has capped gains since May.

 

OKTA 40 Day 

Though the brokerage bunch is already mostly optimistic towards OKTA, there is still room for upgrades. Of the 23 analysts in question, eight still carry a tepid "hold" rating. An unwinding of short interest could also generate tailwinds, as the 7.55 million shares sold short make up 5.1% of the equity's available float.

 

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