The Technician's Take On Workday In 1 Chart

Workday provides enterprise cloud applications for global human resources and finance in the United States and internationally. It offers applications for customers to manage critical business functions that enable them to optimize their financial and human capital resources.

The company was formerly known as North Tahoe Power Tools, Inc. and changed its name to Workday, Inc. in July 2005.

Workday was founded in 2005 and is headquartered in Pleasanton, California.

Take a look at the one-year chart of Workday Inc WDAY below with the added notations:

After the stock's March and April decline, it has been trading mostly sideways since.

Along the way, traders will notice that the stock has created an important price level at $85 (green). That level has been both support and resistance several times over the last six months. For the last two months, Workday has repeatedly stalled at that $85 resistance, and a break through that mark should lead to higher prices.

The Tale of the Tape: Workday has a key level at $85.

A trader could enter a long position on a break above $85 with a stop placed under the level.

However, if traders are bearish on the stock, or the market overall, a short trade could be made at the $85 level instead.