Okta (OKTA Quick QuoteOKTA - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, OKTA broke through the 20-day moving average, which suggests a short-term bullish trend.

A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.

Similar to other SMAs, if a stock's price moves above the 20-day, the trend is considered positive, while price falling below the moving average can signal a downward trend.

Over the past four weeks, OKTA has gained 17.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

The bullish case solidifies once investors consider OKTA's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 13 higher, while the consensus estimate has increased too.

Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on OKTA for more gains in the near future.