Workday (WDAY), a producer of cloud based financial management and human resource management software has been trending upward within the SIA NASDAQ 100 Index Report since August. On Friday it returned to the Green Favored Zone for the first time since April, finishing in 26th place, up 3 spots on the day. Workday has been steadily recovering lost ground for eight months now, advancing in a Rising Channel of higher highs and higher lows. Since gapping up through $200.00 last month, a big round number, new support has emerged which aligns with the 50-day moving average.
Currently approaching the $225.00 level, next potential resistance on trend appears near the $250.00 round number, then previous highs near $280.00 on trend.
Since bottoming out last November, Workday (WDAY) has been under renewed accumulation, establishing an upward trend of higher lows that last accelerated, snapping a downtrend line in January, and completing a series of bullish Double Top breakouts.
Currently trading at its highest level in over a year, next potential resistance for WDAY appears near $256.95 based on a horizontal count, $267.35 based on a vertical count, and $283.70 based on previous column highs. Initial support appears near $206.95 based on a 3-box reversal.
With a bullish SMAX score of 9, WDAY is exhibiting strength against the asset classes.
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