During the fast-paced Lightning Round segment of Mad Money Wednesday night one caller asked host Jim Cramer about Workday Inc. (WDAY) . "They got an upgrade. I think it's good, not great," replied Cramer referring to the move by an analyst at Morgan Stanley.
Let's check in with the latest charts and indicators of this software vendor of cloud-based enterprise resource planning practices.
In the daily bar chart of WDAY, below, we can see that prices of WDAY peaked back in July and were cut in half by the middle of March. Prices have bounced from the March low but look like they are running out of steam a bit. WDAY is trading below the declining 50-day moving average line and the declining 200-day moving average line.
Trading volume did increase in March from the turnover in January but I would not say that it surged to represent a capitulation level of volume. The daily On-Balance-Volume (OBV) line shows some stability in March and April but the trend over the past 12 months is still down.
The Moving Average Convergence Divergence (MACD) oscillator gave a cover shorts buy signal last month but is still not back to the zero line and an outright go long signal.