Wday almost reached its major supply zone 230. When its complete, I expect correction toward major demand level of around 130
There are also 3 intermediate weaker demand zones that overlap key levels at 203, 193, and 175.
Overbought RSI is adding to the possible reverse move.
I am going short after two confirmation signals.
Workday has yet to report earnings but this play is intriguing on both the bullish & bearish side.
Clear resistance & support can be played on both sides. Just depends whihc hits first.
Lovely setup in $WDAY, I had pointed out the multiple equal weekly highs in this zone before the breakout, which suggests explosive upside potential as sellers who kept selling at that same range get squeezed.
Best of luck!
Cheers,
Ivan Labrie.
Workday Inc NASDAQ:WDAY , a cloud-based software vendor, generates revenue by selling subscriptions to its financial management, human capital management, and student information system software. Its platform combines finance and HR in a single system, providing analytical insights and decision support for organizations of various sizes. Workday also offers...
$WDAY w/ a classic breakout looking setup.
I have no intention in taking on any new risk ahead of FOMC tomorrow.
Will wait until after the speech and depending on how open positions from today are acting.
One on primary list if it stays below supply line and comes out post FOMC.
This is a post sharing 2023 Seasonality in WorkDay, it is typically aided by the World Economic Forum for a boost in attention towards Enterprise Cloud.
I know the tech sector has been on a down trend for a while. And WDAY is no different from a long term perspective. There is an interesting set up for this one though finding some support with Fibo.
If you haven`t played last Q`s earnings:
Then you should know that looking at the WDAY Workday options chain ahead of earnings , i would buy the $145 strike price Puts with
2023-1-20 expiration date for about
$8.60 premium.
If the options turn out to be profitable Before the earnings release, i would sell at least 50%.
Looking forward to read your opinion about it.
The PEAD projected a Bullish outlook for $WDAY after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 100%.
Descending Triangle.
Price fell out but is back inside the triangle.
Neutral pattern until broken.
Announce Date
11/29/2022 (Post-Market)
EPS Normalized Estimate
$0.84
EPS GAAP Estimate
-$0.33
Revenue Estimate
$1.59B
EPS Revisions (Last 90 Days)*
up-3 Down-24
Short interest is around 2.9%.
Workday shares are currently trading at 43x 2023 P/E and 33x 2024...
NASDAQ:WDAY Workday Inc. Formed a inverted Cup and handle on Daily and weekly charts. touched new 52 week low of 128.72. before up coming release we can see further down side till 100 and 80.
Looking at the WDAY Workday options chain, i would buy the $150 strike price Puts with
2022-9-16 expiration date for about
$5.40 premium.
Looking forward to read your opinion about it.
