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Software Stock Has Room To Run

October 6, 2020 | software | No Comments

The shares of Okta (OKTA) are up 2.9% to trade at $233.74 at last check, a fresh record high. With help from its 10-day moving average, OKTA now sports a 102.8% year-to-date lead. However, a historic bullish signal is flashing that may indicate even more upside for the stock.

More specifically, the stock’s recent peak comes amid historically low implied volatility (IV), which has been a bullish combination for the equity in the past. According to data from Schaeffer’s Senior Quantitative Analyst Rocky White, there have been four other times in the past five years when the stock was trading within 2% of its 52-week high, while its Schaeffer’s Volatility Index (SVI) sat in the 20th percentile of its annual range or lower – as is the case with OKTA’s current SVI of 49%, which sits in the 18th percentile of its 12-month range. Data shows the stock was higher

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