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Workday (WDAY) Breaks Through Major Resistance Level With Market Rally

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Workday, Inc. engages in the development of enterprise cloud applications for finance and human resources. It delivers financial management, human capital management and analytics applications designed for companies, educational institutions and government agencies.

Take a look at the 1-year chart of Workday (WDAY) below with the added notations:

Chart of WDAY provided by TradingView

WDAY had formed an important level of resistance at the $162.5 (yellow) mark during the course of the past couple of months. The stock tested that level multiple times before finally breaking above it yesterday. That breakout should lead to another leg higher for WDAY.

The Tale of the Tape: WDAY broke a key a level of resistance at $162.5. A long trade could be entered now, or on a pullback down to the $162.5 area, with a protective stop set below the level of entry.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key…

Good luck!

Christian Tharp, CMT

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Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

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