Here’s your trade on $WDAY. – March 29, 2023
I want to show you Workday ( NASDAQ: WDAY ), which is something that I just put on our Active Trade Idea List a while ago this morning.
Let’s look at the chart here, you can see I have drawn this trendline. You draw trendlines, they don’t have to be horizontal, what you are really trying to do is to connect the tops. Because that is resistance, and sometimes this is your trendline.
This is a more valuable trendline than this one because at least you get an early notification if you’ve got a trendline down here. So there is any number of ways that you can draw these, I can’t turn these into a trendline, of course, right now.
What I did with Workday ( NASDAQ: WDAY ) was, I just kind of drew this line here, this is on TC2000. I didn’t even think to set an alert on thinkorswim platform, which is just my trading platform, this is just my charting platform, which I have used for almost 30 years, if it isn’t broke, why replace it? I just drew a line here and I set an alert. It popped off and I decided, we are going to take this stock.
My suggestion was that we buy it this morning for 194.75. I kind of felt like if I had got the alert early, I wasn’t at my phone, I would have wanted to buy it even down here, but I am still comfortable with this 194.75. Because if you look at this chart, I’m not talking about the double bottom there. I am looking at it this way, the last time the stock hit this price was back here in May when it was on its way down.
And so this has had all this time, almost a year, to be kind of gathering itself. And certainly, over the last couple of months, this has really been kind of grinding around in a fairly tight base here, relative to the rest.
I like the way this is trading. If you look at this on the weekly chart and it is not, admittedly, this is a pretty sloppy chart. It is kind of all over the place, but you can see higher lows and higher highs, and that is what we like. We are buying the stock right here, and I like it.
Free Chart