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
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 05/07/2024 08:30:28 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/07/2024 08:22:52 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 08:22:22 PM
- Workday Announces Date of Fiscal 2025 First Quarter Financial Results • PR Newswire (US) • 05/02/2024 12:30:00 PM
- Randstad Selects Workday for Global Finance, HR, and Talent Solutions • PR Newswire (US) • 04/11/2024 01:00:00 PM
- Workday Turns Up the Heat in the Next Wave of its Global Rock Star Campaign with Gwen Stefani, Travis Barker, and Billy Idol • PR Newswire (US) • 04/08/2024 10:00:00 AM
- Workday Announces Annual Stockholder Meeting • PR Newswire (US) • 03/27/2024 12:30:00 PM
- Workday Adaptive Planning and Consolidation Delivers Efficiency, Agility, and Ease of Use to Finance Organizations • PR Newswire (US) • 03/19/2024 01:00:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 03/08/2024 09:01:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 01:05:43 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 01:01:38 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/05/2024 10:36:16 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/01/2024 10:56:47 PM
- Workday CEO to Present at the Morgan Stanley Technology, Media & Telecom Conference on March 4, 2024 • PR Newswire (US) • 02/27/2024 01:30:00 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 02/26/2024 09:03:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/26/2024 09:02:57 PM
- Workday Announces Fiscal 2024 Fourth Quarter and Full Year Financial Results • PR Newswire (US) • 02/26/2024 09:01:00 PM
- Workday Announces Intent to Acquire HiredScore • PR Newswire (US) • 02/26/2024 09:01:00 PM
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- Workday Announces Date of Fiscal 2024 Fourth Quarter and Full Year Financial Results • PR Newswire (US) • 02/08/2024 01:30:00 PM
- Workday and Insperity Announce Exclusive Strategic Partnership to Provide Best in Class HR Service and Technology to Small and Midsize Businesses • Business Wire • 02/08/2024 12:55:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 02:03:32 PM
- Carl Eschenbach Takes the Helm as Workday CEO • PR Newswire (US) • 01/31/2024 02:00:00 PM
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