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Workday Inc. - (WDAY) - March 30, 2023

Workday (WDAY), a producer of human resource, finance and student information software, has been clawing its way back up the ranks in the SIA NASDAQ 100 Index Report since last summer, starting at the bottom of the red zone and returning to the Green Favored Zone this week for the first time since September of 2020. Workday currently sits in 26th position, up 2 spots over the last month.

Since bottoming out just below $130.00 back in November, Workday (WDAY) has been under renewed accumulation. Over the last five months, the shares have steadily recovered, climbing a step pattern of rallies followed by pauses at consistently higher levels. In January, the 50-day moving average completed a Golden Cross above the 200-day average, which was also a positive sign.

Yesterday, WDAY staged a major breakout over $192.50 on volume to signal the start of a new rally phase. The shares are currently approaching potential round number resistance around the $200.00 level. Measured moves from recent trading ranges suggest potential upside resistance near $215.00 then $232.00. Initial support appears at the recent $192.50 breakout point, followed by $190.00.

Check out this extremely rare and highly bullish Quintuple Top breakout signal on a 1% chart! Workday (WDAY) bottomed out back in November and since then it has been steadily advancing through a series of breakout rallies followed by periods of consolidation which have consistently established an emerging uptrend of higher lows. Workday snapped a downtrend line in December and building what is also a Bullish Ascending Triangle breakout, currently is approaching $200.00 with a new advance underway.

Vertical and horizontal counts suggest potential upside resistance on trend may appear near $214.45, hen $227.65 and $232.25. Initial support appears near $190.30 based on a combination of a 3-box reversal and a retest of the recent breakout point.

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