Based on the decline from the peak at $224.30, WorkDay Inc. (WDAY) has the following upside resistance levels:
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$188.30
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$200.14
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$212.42
Based on the low of $152.29, WorkDay Inc. increased beyond the initial upside resistance target of $188.30 and then broke down below that level. However, the true test of any momentum is the ability to rise and then fall without going below the prior low, in this case $152.29.
Each of the levels indicated are critical resistance levels that should see a material decline in the stock price. Exceeding each level lends support to the stock price going to the next level. For this reason, we expect that the $212.42 price should see some resistance due to the rapid run-up from the December 13, 2019 low. In this case, resistance means a vacillation between the descending $212.42 and $200.34 price levels.
A rise to $224.30 means that a new bull run is in the cards and should be hedged according.