OKTA breaking out but facing strong technical resistance near $200; likely to stall or pull back due to overbought conditions and stacked levels.

Uh, next up, we've got Octa. Octa guys also cyber security section look at the push up today up 11.98%. Now a couple things now you know what I wanted to have this not drawn yet so silly I'm taking it off.

There's a couple reasons why this octa chart is exploding the way it is. One we broke out of this parallel channel but when we did it look at this breakout retrace and eventually bounce but it took several weeks.

This is the weekly time frame. One of the reasons it took several weeks, guys, because of this declining trend line on the chart. Look at that breakout retrace. Tried to bounce, got rejected, and eventually did bounce break through this declining trend line. So, we're in a significant breakout attempt.

But notice what I've got. I've already illustrated and educated you guys on the BE chart and uh with the fib sequence retracement uh on the chart. That's what we got going on right here, guys.

We've got a 618 fib sequence retracement coming in at 19855. We also have uh the March low pivot from the M pattern that occurred here on this chart. That should be resistance right at 19908.

Plus, we've got the key psychological whole round number of $200. All three of those things stacked into a chart ripping higher into it. That tells me the brakes likely and should get put on.

It all depends, I guess, on how serious the cyber security issues can be. But technical analysis shows me overbought stock 74 running into key levels of resistance all stacked right on top of each other.

We should be hitting the breaks on Octa if we push up any further around the $200 level.