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Rectangle Symmetrical Triangle ABC Bullish Double Bottom for NASDAQ:OKTA by lauralea

OKTA is riding Daily RSI overbought status with RSI on 80, but is just underneath. It is not overbought on weekly of monthly RSI . Price is outside the top bollinger band with the SMA set on 80 which shows extreme buying pressure and probably overbought status. Price will return to the interior of the bands eventually.

Prior ugly top.

I placed the resistance level on the chart that corresponds to the rectangle . There are other levels of resistance noted.

Golden cross looming. Many describe a golden cross ( bullish moving average crossover) as a cross of the 50 SMA up and through the 200 SMA . It is very close to a crossover here. The 50 has already crossed through the 100. The 20, 50 and 100 SMA are tangling which is often considered bullish . There are bearish Ws which seem to have corrected and last formation in the ABC bullish pattern was a bullish crooked M. (second peak being higher than the first in this M)

Price has been in a large rectangle with the bottom trendline being support and the top one being resistance. Price would need to break the top trendline of the rectangle to meet targets 2. Price also broke up from a symmetrical triangle. Symmetrical triangles are neutral until a trendline is broken with a trend in that direction.

Lots of green right now with 2 small gaps under price. Gaps can serve as a source of support.

Last candle is a doji , a candle of indecision. Lots point to a pull back of some sort, but you just never know. Lots of green candles representing buyers, but buyers do become sellers )o:

No recommendation.

Very busy bullish chart that is slap full of bullish patterns and crossovers of moving averages.

Sometimes it is best to hold your horses and let them drink some water and wait for a good long entry level.

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