Looking for $WDAY to come out and play – July 18, 2023
DG DG
This is Scott with your Chart of the Day. I want to take a look at Workday ( NASDAQ: WDAY ).
Now, Workday ( NASDAQ: WDAY ) and the rest of the software stocks, like everything in IVG have been holding up really nicely. In fact, software is ripping here, you can see how high we are above that 50-day moving average. It is just over 11 percent from the 50-day, but this trend is accelerating.
So I am looking for WDAY ( NASDAQ: WDAY ) to catch up and come out and play with the rest of the software stocks. And so what I want to see from WDAY ( NASDAQ: WDAY ) is a break above this clear resistance zone, right around that 230.00 level. And see if we can break out above and potentially get to a swing target of 249.00. That would be a target for a swing trade out of this high base above the 50-day moving average.
Again, a lot of these stocks are a bit extended so we are looking follow-through to the upside. So I think it makes sense to have an alert on Workday ( NASDAQ: WDAY ) right around 230.80 or maybe slightly below. And then take a look at it and look for a high-volume breakout above that level.
If the stock does break out we are going to want to see it hold above that level and ideally not come back down and close under that 8-day exponential period moving average. So a really quick one here from Workday ( NASDAQ: WDAY ), definitely a stock that we are watching over at StockMarketMentor.com.
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