The stock was trading in a narrowing rising wedge and the stock is in the process of falling out of it. I am watching to see how far she falls
There has also been some insider selling so I will watch this one. I have owned and sold this one recently but did make some money doing it. I am not a day trader unless forced in to it (which has happened) Some I keep long term but as a rule I swing trade stocks. The hourly took WDAY down to 169.7 a few weeks ago
Many tech stocks are in rising wedges right now including QQQ. To be on the safe side I wait until the stock at least falls out of this pattern as it is very bearish. This is an unpdate to a prior chart I posted before WDAY began falling from the rising wedge. I am not sure how far she will fall but it seems stocks do not fall out far as of late. It is possible a stock can fall the entire width. Just keep your eyes peeled for rising wedge. It is an indication that there was too much buying without healthy pull backs. HD fell out and went back to making new highs. Many stocks especially in the tech stocks are in this pattern so it is good to learn it. QQQ is in a rising wedge.
A falling wedge can be very bullish and serve as a reversal signal when the stock breaks out of it to the upside.
Possible Breakout would be over 203.
Target 1: 235 to 240
Target 2: 260 to 275 then see how she goes
If I were to enter this in the next few days I would place my stop under 171
The handle low is at 174 and I have and it is possible we may see this price level again. Of course anything is possible (o: Sometimes trading closer to the handle low can be safer for me as my stop can be close by. We are all different!
Hard thing about the market is you just do not ever know and technical analysis is not an exact science by a long shot! There can be patterns within patterns as well. I am not recommending this stock and I do not own it..yet (o:
Always do your research and trade safely
There has also been some insider selling so I will watch this one. I have owned and sold this one recently but did make some money doing it. I am not a day trader unless forced in to it (which has happened) Some I keep long term but as a rule I swing trade stocks. The hourly took WDAY down to 169.7 a few weeks ago
Many tech stocks are in rising wedges right now including QQQ. To be on the safe side I wait until the stock at least falls out of this pattern as it is very bearish. This is an unpdate to a prior chart I posted before WDAY began falling from the rising wedge. I am not sure how far she will fall but it seems stocks do not fall out far as of late. It is possible a stock can fall the entire width. Just keep your eyes peeled for rising wedge. It is an indication that there was too much buying without healthy pull backs. HD fell out and went back to making new highs. Many stocks especially in the tech stocks are in this pattern so it is good to learn it. QQQ is in a rising wedge.
A falling wedge can be very bullish and serve as a reversal signal when the stock breaks out of it to the upside.
Possible Breakout would be over 203.
Target 1: 235 to 240
Target 2: 260 to 275 then see how she goes
If I were to enter this in the next few days I would place my stop under 171
The handle low is at 174 and I have and it is possible we may see this price level again. Of course anything is possible (o: Sometimes trading closer to the handle low can be safer for me as my stop can be close by. We are all different!
Hard thing about the market is you just do not ever know and technical analysis is not an exact science by a long shot! There can be patterns within patterns as well. I am not recommending this stock and I do not own it..yet (o:
Always do your research and trade safely