Work Day (Ticker: WDAY) is on the move and is breaking out right now.
WDAY spent the past month and a half consolidating and the past week really tightening up.
When we see patterns tighten up, build support, and get close to a pivot like WDAY did, it gives us a low-risk way to play it.
I entered this on 7/26/17 at 104.75, about 10 cents above the high made 2 weeks ago at 104.64. A reasonable exit if this falls apart is right around 101.50 (below last week’s low and below the 21ema). A more conservative exit is below 99.90. This allows for a test of the 50dma.