3 Big Stock Charts for Thursday: Okta, CrowdStrike, and Palo Alto Networks

Stock Market

Cybersecurity is among the most important sectors of the economy today. It’s an unfortunate fact of life that as long as there are computer networks, there will be miscreants who want to break into them. Today’s big stock charts features names in this all-important space.

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Necessity creates opportunity, and a number of companies have stepped in to provide crucial network security services. For traders, it’s a chance to profit as these companies capitalize on the growing need for cybersecurity.

Three companies in particular have experienced rapid growth in this emerging tech market. Today we’ll home in on these companies as we present three big stock charts featuring names in the burgeoning cybersecurity sector.

Okta (OKTA)

OKTA stock

Source: Provided by Finviz

One company that’s making a name for itself in the cybersecurity niche is Okta (NASDAQ:OKTA). This firm specializes in identity management solutions with a focus on cloud-based systems. It will be interesting to see how OKTA stock traders have responded to the emergence of this up-and-coming company.

  • We can see three consecutive bright green candlesticks for OKTA stock now. Furthermore, this is the highest that the stock’s been for the entire chart. Without any doubt, the bulls are in complete control.
  • The OKTA stock price is easily above the 20-, 50-, and 200-day moving averages. Plus, the 20- and 50-day moving average are both slanting upwards. That is also a positive sign in favor of the bullish thesis.
  • However, there is a concern that the daily trading volume on OKTA stock is diminishing. The bulls will definitely want to see the volume pick up over the coming days and weeks.

CrowdStrike (CRWD)

CRWD stock

Source: Provided by Finviz

Founded in 2011, CrowdStrike (NASDAQ:CRWD) was among the early players in the cybersecurity sector. The company is based in California but serves an international clientele throughout the United States, Germany, the United Kingdom, India, Australia, and Romania.

Let’s find out if the CRWD big stock chart points to a bright future for stakeholders in this fascinating cybersecurity name.

  • Wednesday’s candlestick for CRWD stock a “spinning top” formation. This includes a small body and medium or large upper and lower wicks. Sometimes this means that a change in direction is coming in the near future.
  • CRWD stock is above all three of the major moving averages in the chart. That is undoubtedly in the bulls’ favor. On the other hand, there is a support level at $70, which could quickly turn into a resistance level if the price drops below it.
  • There is a megaphone chart pattern forming, which indicates that the price action for CRWD stock is widening vertically. It would be a major victory for the bulls if they break above the upper resistance line of the megaphone pattern.

Palo Alto Networks (PANW)

PANW stock

Source: Provided by Finviz

From firewalls to virtual system upgrades, Palo Alto Networks (NYSE:PANW) offers a host of cybersecurity solutions. Preventing malware attacks is a serious business, and Palo Alto Networks is on the forefront of the ongoing battle against cyberattacks.

Perhaps a glance at the last of today’s big stock charts can give us a sense of direction on PANW stock, which has been known to make some really big moves.

  • It’s absolutely undeniable that the bulls are staging an impressive comeback since the mid-March low point. Wednesday’s candlestick for PANW stock isn’t huge, but it’s still a move in the right direction for the bulls.
  • The volume is diminishing, however, and that’s a source of concern for the bullish narrative. The long-side traders want to see more conviction behind the move so it doesn’t peter out.
  • While PANW stock has cleared the 20- and 50-day moving averages, the bulls need it to break above the 200-day moving average. If that happens, the next level to watch closely is $250.

As of this writing, David Moadel did not hold a position in any of the aforementioned securities.

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