OKTA closes higher for the 4th day in a row
Okta Inc. (OKTA) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, OKTA ended the week 6.0% higher at 192.49 after gaining $4.75 (2.53%) today, notably outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 192.49 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 191.42, the stock confirmed its breakout through the prior session high after trading up to $1.53 above it intraday.
Daily Candlestick Chart (OKTA as at May 22, 2020):
Friday's trading range has been $5.68 (3.02%), that's below the last trading month's daily average range of $6.60. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for OKTA.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Wednesday, OKTA gained 0.02% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Okta. Out of 159 times, OKTA closed higher 53.46% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 71.07% with an average market move of 3.59%.