Though shares of Workday (WDAY) staged a nice rally so far this year, the longer-term chart picture still looks vulnerable.
The shares of WDAY took a pounding from December into February before they came roaring back; see the daily chart above. Because prices have not broken above the December highs, we could say the overall trend has not reversed to an uptrend. The slope of the 200-day moving average line is still down. The On-Balance-Volume (OBV) line did turn up sharply in February and March, but has since turned sideways.
This weekly chart of WDAY, above, shows a two-year downtrend. The slope of the 40-week moving average is still negative but looks like it is turning flat. Oddly, the OBV line on this time frame has been rising the past three years. The Moving Average Convergence Divergence (MACD) oscillator generated a cover-shorts buy signal in early March and may soon cross the zero line for an outright buy signal. A weekly close above $85 should improve the chart picture while a close below $70 is likely to mean further declines.