Workday (WDAY) Sets Up For A Bullish Trade

Workforce management company, Workday (WDAY), has made quite the recovery from lows of just a few months ago and is now looking to hold above a major resistance level. This level of near 220 acted as firm support with price bouncing off it many times before breaking through to the downside.

Now, as the market moves higher, WDAY has as well, surpassing this level and possibly setting up for another move higher. This could very well be another situation where we get a break and retest of a major level.

As you can see on the chart, price took a recent dip before finding a mini level of support, which then propelled the stock higher. Holding above this 220 could mean the stock is off to the races, if the market can push higher and take the stock with it.

This is a very bullish looking chart, however, you would still want to be patient and look for confirmation, as well as a good entry. If you are entering a move higher or lower then most often you are chasing the move. You do not want to chase a move because over the long term this will lead to a losing record. Best to pick your entries based on an A+ setup, not a move that is already underway.

Keep this trade and stock on your watchlist to see if it gives you any of those A+ setups with minimal drawdown, so your stop is not hit and you miss the move higher.

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