Workday - Closed
Workday - WDAY
Entry: 165.41
Target #1 $177 - this is the easier target and should correspond to the QQQ getting back to its top of channel $188 so I’d sell when we see QQQ at this level first try up.
Target #2 $182-185 - I like buying great companies that have some waterfall declines, those big vertical red lines tend to get filled and stocks often rally back to the broken support that becomes resistance. That’s the $182 level for now.
10/7/19: $178 target hit
This cloud HR brand has been a steller performer since the IPO but it’s been getting thumps as all the cloud, software stocks have been under pressure. These companies have strong, long-term growth opportunities but many of them got over-heated and are hella expensive. Many will grow into their valuations and the 2nd tier stocks will never recover, the difference is: the cycle, the category, the competitive advantage and the network effect. I believe Workday will be a long-term winner.