Workday (WDAY) is up around 11% on Friday morning after the company posted a quarterly earnings beat in the latter part of the week.
I wrote about Workday two months ago and concluded that "Aggressive traders could go long shares of WDAY on strength above $194."
Let's jump right into the charts and indicators.
In this daily bar chart of WDAY, below, I can see it broke out to new highs in late March and then corrected lower the next six weeks. Prices turned higher again and have been rallying ahead of earnings last night. WDAY has gapped higher and has opened the way to further gains. WDAY trades above the flat 50-day moving average line and above the rising 200-day line. Trading volume did not decline much but the On-Balance-Volume (OBV) line made a deep decline in April before turning upwards in early May. The Moving Average Convergence Divergence (MACD) oscillator is back above the zero line for a fresh outright buy signal.