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Uncovering Noteworthy Technical Analysis Findings for OKTA INC (NASDAQ:OKTA).

By Mill Chart

Last update: Feb 29, 2024

Our stock screener has spotted OKTA INC (NASDAQ:OKTA) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:OKTA.

OKTA Daily chart on 2024-02-29

Technical analysis of NASDAQ:OKTA

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Overall OKTA gets a technical rating of 7 out of 10. Although OKTA is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • OKTA is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so OKTA is lagging the market slightly.
  • Looking at the yearly performance, OKTA did better than 71% of all other stocks. However, this relatively good performance is mostly due to a recent big move.
  • OKTA is an average performer in the IT Services industry, it outperforms 58% of 86 stocks in the same industry.
  • In the last month OKTA has a been trading in the 79.35 - 90.95 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of OKTA for a complete technical analysis.

Why is NASDAQ:OKTA a setup?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:OKTA is 9:

Besides having an excellent technical rating, OKTA also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 88.10. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 85.68, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:OKTA?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NASDAQ:OKTA and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.



NASDAQ:OKTA (4/19/2024, 7:08:05 PM)

After market: 92.03 0 (0%)


-1.68 (-1.79%)


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