Okta (OKTA) Just Overtook the 50-Day Moving Average

Okta (OKTA) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, OKTA broke through the 50-day moving average, which suggests a short-term bullish trend.One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.OKTA has rallied 14.7% over the past four weeks, and the company is a Zacks Rank #2 (Buy) at the moment. This combination suggests OKTA could be on the verge of another move higher.Looking at OKTA's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 2 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on OKTA for more gains in the near future.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Okta, Inc. (OKTA): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks