LinkedIn (LNKD) has been taken out, and that leaves Workday (WDAY) in play. (June 14, 2016)
WDAY LNKD WDAY
I want to look at Workday ( NYSE:WDAY ) here, and guess what? This is why: Because Microsoft is purchasing Linkedin ( NYSE:LNKD ), $193.00 a share, and that kind of puts Workday ( NYSE:WDAY ) in play. So I’m looking at this chart and the resistance here, we’ll say, is $82.00. It’s interesting that this stock was up 2.5 percent today, on a day when a lot of stocks were absolutely just doing nothing except going down. I’m looking at this as a pretty constructive pattern. If we look at the weekly chart, you just forget about the acquisition aspect, if you look at the weekly chart, we’ll just draw some lines here, see how those work out. You could look at this, you could look at this, big head and shoulder. There’s the left shoulder, the head, obviously a conehead, and then the right shoulder, right here. So if we do this then we would have to draw the line to connect these shoulders, and this is the neckline, right here. A big massive dump here, 48.00 up to 80.00, 32.00, right? Just a quick down and dirty measured move like this would put this at $110.00, on a head and shoulder reversal pattern.
I don’t like to pick price targets out that high, because then it just becomes too dogmatic. I would rather look at a head and shoulder that isn’t so spiky like something happened. Where instead it’s just kind of a decline and then buyers come in, etcetera, etcetera. So take that $32.00 price target with a grain of sand. I know, give it as much weight as you paid for this video. But, I do think this stock moves higher. If it clears $82.00 look for this stock to ultimately challenge 100.00. That’s what I see, but you have to wait for it. Right now you’re not giving up very much by waiting for it. Wait for confirmation that this is not a lower high, it’s actually just kind of a way station before the stock continues to move.
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