NASDAQ:OKTA jumped over 22% at the open from earnings reported on February 29th. It had a wide range of trading that day and closed just under the open about midway through the candle. It has been digesting that big move on lower volume for sixteen “trading” days (3 weeks). I went long this yesterday on the break of the downtrend line (blue). It pulled back by the end of the day but has not triggered my stop which is under the low of March 19th (103.61). It is recovering today but it really needs to get up and over yesterday’s high before I would now consider it a breakout.
I do have a one-half size position and if it can get up and over 107.30, I plan to bring it up to a full-sized position. As mentioned above, I do have a stop in place just in case it continues to the downside.
The chart I am using is the All-In-One LevelUp tool available here on TV. Check it out.
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
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NASDAQ:OKTA I am a little early but I just add small to bring this up to a 3/4 size position. My stop on the add will be below today's low of 103.65.