Workday Inc. - (WDAY) - March 30, 2023 (Daily Stock Report)

by SIACharts.com

Workday (WDAY), a producer of human resource, finance and student information software, has been clawing its way back up the ranks in the SIA NASDAQ 100 Index Report since last summer, starting at the bottom of the red zone and returning to the Green Favored Zone this week for the first time since September of 2020. Workday currently sits in 26th position, up 2 spots over the last month.

Since bottoming out just below $130.00 back in November, Workday (WDAY) has been under renewed accumulation. Over the last five months, the shares have steadily recovered, climbing a step pattern of rallies followed by pauses at consistently higher levels. In January, the 50-day moving average completed a Golden Cross above the 200-day average, which was also a positive sign.

Yesterday, WDAY staged a major breakout over $192.50 on volume to signal the start of a new rally phase. The shares are currently approaching potential round number resistance around the $200.00 level. Measured moves from recent trading ranges suggest potential upside resistance near $215.00 then $232.00. Initial support appears at the recent $192.50 breakout point, followed by $190.00.

Check out this extremely rare and highly bullish Quintuple Top breakout signal on a 1% chart! Workday (WDAY) bottomed out back in November and since then it has been steadily advancing through a series of breakout rallies followed by periods of consolidation which have consistently established an emerging uptrend of higher lows. Workday snapped a downtrend line in December and building what is also a Bullish Ascending Triangle breakout, currently is approaching $200.00 with a new advance underway.

Vertical and horizontal counts suggest potential upside resistance on trend may appear near $214.45, hen $227.65 and $232.25. Initial support appears near $190.30 based on a combination of a 3-box reversal and a retest of the recent breakout point.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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