Workday’s (WDAY) Roller Coaster Ride: Brace Yourself For The Unpredictable!

Workday Inc (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 additional applications, including Payroll, Time Tracking, Recruiting, Learning, Planning, Professional Services Automation, and Student. The company serves industries such as technology, finance, healthcare, education, and government. WDAY is listed on NASDAQ and is a component of NASDAQ 100.

Wyckoff Sign Of Weakness (SOW) Turned Accumulation With Developing Back Up

WDAY hit an all time high of $307.80 on 17 Nov 2021, but retraced from it. The inability to rally up in the subsequent weeks transformed the structure into a Wyckoff distribution phase. This was confirmed when a Wyckoff last point of supply (LPSY) occurred in late April and the price slid in Wyckoff sign of weakness (SOW). It took the price all the way to around $135 on 22 June.

The $135 became support and the price rallied to around $180 on 15 Aug, which helped to define the trading range. For the next few…