Don't Ignore This Chart!

Workday (WDAY) Puts In A Full Shift


Workday has been a big performer but over the last nine months it has built a floor around $120. Friday saw the stock soar above the previous highs. While it is hard to buy after a 12% surge in one day, this stock looks like a good buying candidate on a pullback. 

The SCTR shows it as one of the strongest stocks out there. The relative strength soared to new heights. The November double bottom was an important base and the $50 move off that is very impressive.

The stock obviously attracted a lot of volume interest as well. With this volatile market, I would follow the stock closely to try and find a lower entry rather than top ticking it by buying way up here on an emotional day.

As we head into December, 309 stocks made new 52 week highs at some time in October. That is pretty good considering how beaten up the indexes were. Stay tuned to see if we can get more upside momentum.

Good trading,
Greg Schnell, CMT, MFTA

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus