Workday stock ( WDAY ) price showed a “V” shaped recovery from the lows of $130 and started to attain momentum lifting inside the rising parallel channel. Moreover, the stock is trading above the significant moving averages and is now near the channel’s upper neckline which is around $225, acting as a barrier. However, buyers persist to gain traction and price stays in the bullish territory where one way move was noted under the bulls dominance.
Workday, Inc. is a provider of enterprise cloud applications for finance and human resources. Its applications for financial management, human resources, planning, spend management, and analytics are used by organizations around the world and across industries from medium-sized businesses to the Fortune 500.
The ongoing price action shows a double bottom formation on the support and price broke its neckline resistance mark of $180 and gained a massively, forming higher highs and higher lows sequences. Furthermore, the chart structure persists to float buying projections and stock is traded in the uncharted range, where further follow on buying could lead to a breakout to the trajectory highs till $250 in the near sessions.
At press time, Workday stock was traded at $222.25 with an intraday gain of 0.59%, indicating a bullish trend. Furthermore, the trading volume shown in the last session was at 2.801 million.
Daily Charts Shows Buyers Dominance
On the daily charts, WDAY stock is near the primary resistance mark of $250, which buyers are looking to retest in the next sessions. Moreover, the chart shows buyers province and leading the rally in the bullish track without leaving their attention and delivering the gains.
Furthermore, sellers were getting trapped and covering their positions from the previous trading sessions with the battle between the bears and bulls going in favour of bulls.
As per the Fib levels shown on the charts, WDAY stock is near the 78.6% level, which if it crosses, it will lead to a further extensive move and the buyers will then be headed up to attain $250 level.
Short Term Price Action of WDAY stock
On the 4 hours chart, WDAY stock showing a pause near the channel highs of $225 and waiting for the breakout. The buyers are pumping up the gains and looking to attain additional strength to extend the rally.
The RSI curve still floats in the buying region near 60, but shows the merger of the signal line and curve which led to a pause in the stock price.
The MACD indicator also starts to form red bars signalling a bearish crossover, indicating a volatile chart structure.
Conclusion
Workforce stock continues to trade inside the rising parallel channel, the ongoing trend continues. Moreover, buyers are looking for a breakout which could lead the rally toward $250 in the next sessions.
Technical Levels-
Resistance level- $250
Support level- $210
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/24/workday-stock-nasdaq-wday-at-channel-highs-what-next/