Workday Inc. (NYSE:WDAY) Bounces From Support Zones

by Liza Smith | Wednesday, Apr 23, 2014 | 6342 views

Boston, MA, 04/23/2014  (usastockreport) –   Workday Inc. (NYSE:WDAY) made a healthy gain of 4.41% on Tuesday after having seen a downside on Monday. The stock made an intraday high of $82 and consolidated just shy of this level at $81.37

Workday Inc. (NYSE:WDAY) seems to be on a recovery path after losing nearly 25% in the month of March. The stock made healthy gains with good volumes and managed to stay above its open and faced resistance around its 200 day moving average which is at $82.37.

Workday Inc. (NYSE:WDAY) is currently trading near its 200 day moving average of $82.37 and way below its 50 day moving average of $94.05, this implies the stock has been on a major downside in the last few weeks, the stock seems to have gained a little momentum on the upside and may see some recovery in the upcoming trading sessions.

The momentum indicators saw a sharp turn upwards, this implies a trend reversal for the stock might be in the making, sellers exhaustion can be seen, and the traders have taken a bullish stance for the stock. The relative strength index for the stock depicts a similar picture, the index has curved upwards from the no trade zone, and this again gives a clear picture of a strong upward momentum for the stock. We believe the stock might see an upside in the next few trading sessions.

On an upside from the current levels the stock has a strong resistance around $86.13 levels, a close above this levels could see the stock rally to $96.49. On a downside the stock has a good support level at $77.40 and a downward break out from this level would open the window for $71.41 levels.

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(FIGURE): Daily Chart for Workday Inc. (NYSE:WDAY)

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Workday Inc., which is a leader in cloud applications, was named the second best place to work in the bay area of San Francisco

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