Amid broad-market pressure, cloud stock Okta Inc (NASDAQ:OKTA) has pulled back sharply from its March 24, more than two-year high of $118.07, down 12.6% since the start of April alone. For those betting on a bounce, however, the pullback does have OKTA coming into contact with its 126-day moving average, a historically bullish signal. Per Schaeffer's Senior Quantitative Analyst Rocky White, the security is within one standard deviation of the 126-day trendline for the first time in at least eight of the last 10 trading days, after spending at least 75% of the last six months above it. Within these parameters, two other signals occurred in the past three years. OKTA was higher one month later 100% of the time after these events, averaging a large 28.7% gain. OKTA April9 The equity is still holding on to a 16.9% year-to-date gain, and has a 14-day relative strength index (RSI) of 15.2. This puts the stock firmly in "oversold" territory, another reason its overdue for a short-term bounce.