It looks like Cloud-based software vendor Workday's (WDAY) charts are poised for further gains. Let's check.
In this daily bar chart of WDAY, below, I see a constructive-looking picture. Prices hammered out a bottom pattern from June to early December. Prices broke out to the upside in December and now trade above the rising 50-day moving average line and above the bottoming 200-day line.
The On-Balance-Volume (OBV) line has been improving since June. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line.
In this weekly Japanese candlestick chart of WDAY, below, I see a positive chart picture. Prices are trading above the rising 40-week moving average line. Trading volume has been declining during the rise and that is a negative. The OBV line, however, shows a rise. The MACD oscillator moved above the zero line in February for an outright buy signal.
In this daily Point and Figure chart of WDAY, below, I can see that the software is projecting a downside price target in the $159 area but a trade at $194 should refresh the uptrend.
In this weekly Point and Figure chart of WDAY, below, I can see the same downside price target in the $159 area but here too a trade at $194 will be bullish.
Bottom line strategy: Aggressive traders could go long shares of WDAY on strength above $194. Risk to $179.
