Dec. 11 at 11:21 PM
Actionable Trade Alert for
$OKTA:
Market Context:
$OKTA is currently trading at
$91.33, showing strong momentum with an RSI of 91.78, indicating it is overbought. The stock is above its 30-day MA of 84.56 and 50-day MA of 86.74, suggesting bullish sentiment. However, the high RSI warns of potential pullbacks.
Directional Bias: Despite the overbought condition, the proximity to the 60D high of
$96.37 presents a potential breakout opportunity. The recent price action indicates strength, but caution is advised due to the high RSI.
Trade Plan:
- Suggested Entry:
$91.33
- Stop Loss:
$87.47 (approx. 4% below entry)
- Take Profit Targets:
1. TP1:
$93.50 (2.39% gain)
2. TP2:
$95.00 (4.06% gain)
3. TP3:
$107.00 (17.16% gain)
With the potential for a significant upside, consider entering cautiously while monitoring RSI for signs of reversal.
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