Sometimes a few more days of price action can clear up a confusing chart; other times it leaves us still in the dark. Let's take a fresh look at Workday (WDAY). (Read here for our coverage from last week.)
Looking at this updated daily chart of WDAY, above, we can see that prices have been in an $80 to $75 range recently, with dips to $75, and the 200-day moving average line being bought. The slope of the 50-day and the 200-day averages are flat, but prices are above both of these indicators. The On-Balance-Volume (OBV) line weakened in May.
In this weekly chart of WDAY, above, we can see prices are above the 40-week moving average line and the slope is attempting to turn from down to sideways. The OBV line is neutral on this timeframe. And the Moving Average Convergence Divergence (MACD) oscillator on this timeframe is narrowing -- and could generate a new sell signal.
Bottom line: A strong close above $80 with strong volume will go a long way to making the charts of WDAY look more bullish.