Thursday, November 30, 2017 12:48:06 PM
Workday Inc (WDAY:NASDAQ) is a leading provider of enterprise cloud applications for finance and human resources. The stock recently topped out on November 27, 2017 at $116.89 a share. Since that high pivot, the stock has declined sharply. Last night, the company reported earnings and the stock is falling lower today by $2.54 to $104.00 per share. The pattern forming on the weekly chart is what we call an outside reversal pattern. This is usually a very bearish pattern that indicates further downside is possible in the coming weeks. Traders should realize the stock is short-term oversold on the daily chart already, so there could be some minor bounces or positive trading days in the stock. But please note, the weekly reversal pattern that has formed is not a sign of strength. This pattern will generally indicate more weekly chart selling down the road.
So where are the support levels for WDAY stock? There are several important support levels coming up. The first support level that I see is the 200-day moving average at $98.42. This moving average will be major daily chart support if price trades directly into the level. Should price consolidate above the 200-day moving average then that area will become minor support. In other words, watching the pattern develop is extremely important, you must see how a stock trades into a particular support level. The second major support level will be around the $95.00 area. This is where the 50-week moving average is located. This will likely be a major support level when tested as long as price comes directly into that support level. The next major support area for WDAY stock will be around the $90.50 level. This important area is where the stock broke out in May 2017. If you have been reading my work over the years than you know that prior breakout levels are often major chart support when retested. Again, it is very important to see how the stock trades into that level, the chart pattern is always critical and it can change the odds of the trade.
Nicholas Santiago
InTheMoneyStocks
Recent WDAY News
- The Josh Bersin Company Named Workday Innovation Partner • PR Newswire (US) • 09/19/2024 01:06:00 PM
- Workday and Its Partners Launch 12 New Industry Accelerators to Help Customers Meet Industry-Specific Needs Faster • PR Newswire (US) • 09/18/2024 01:00:00 PM
- Workday Announces Workday Wellness, A New AI-Powered Solution to Help Companies Deliver More Personalized Health Benefits • PR Newswire (US) • 09/18/2024 01:00:00 PM
- Workday Ventures' Latest AI Investments Fuel Innovation for Workday Customers and the Industry • PR Newswire (US) • 09/18/2024 01:00:00 PM
- Meta Strengthens Child Privacy on Instagram; Google Overturns $1.7 Billion Antitrust Fine; Snap Updates Spectacles • IH Market News • 09/18/2024 10:13:07 AM
- Announcing Workday Illuminate™: The Next Generation of Workday AI • PR Newswire (US) • 09/17/2024 01:00:00 PM
- Welcome to the New Workday: A Reimagined User Experience Powered by AI • PR Newswire (US) • 09/17/2024 01:00:00 PM
- Workday Signs Definitive Agreement to Acquire Evisort • PR Newswire (US) • 09/17/2024 01:00:00 PM
- Workday Announces New AI Agents to Transform HR and Finance Processes • PR Newswire (US) • 09/17/2024 01:00:00 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 09/12/2024 12:19:26 AM
- Trintech Named Workday Innovation Partner and Earns Workday Packaged Solution Badges • PR Newswire (US) • 09/11/2024 01:00:00 PM
- Trintech Named Workday Innovation Partner and Earns Workday Packaged Solution Badges • PR Newswire (Canada) • 09/11/2024 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/10/2024 08:05:02 PM
- Workday Appoints Rhonda J. Morris, Vice President and Chief Human Resources Officer of Chevron Corporation, to its Board of Directors • PR Newswire (US) • 09/10/2024 08:01:00 PM
- Workday Global Workforce Report: Job Market Tightens as AI Reshapes Hiring Processes • PR Newswire (US) • 09/10/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/09/2024 08:19:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/09/2024 08:18:25 PM
- Workday Sees Continued Momentum Across Healthcare, Driven By Demand for Solutions to Advance the Future of Health • PR Newswire (US) • 09/05/2024 01:00:00 PM
- University of Hull Selects Workday for HR and Finance Digital Transformation • PR Newswire (US) • 09/05/2024 08:00:00 AM
- Workday CEO to Present at the Goldman Sachs Communacopia and Technology Conference on September 11, 2024 • PR Newswire (US) • 09/04/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 10:58:27 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 10:53:48 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/28/2024 08:24:32 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/26/2024 08:26:22 PM
- Ross Stores Rises 6% After Revised Annual Profit; Workday Surges 12% on Strong Results, More on Earnings • IH Market News • 08/23/2024 12:20:50 PM
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