Below are the downside targets for WorkDay Inc. (WDAY).
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$140.86 (conservative target)
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$107.81 (mid-range target)
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$74.77 (extreme target)
The downside targets are based on the peak price of $224.30. In our view, WorkDay failed to achieve the minimum downside target of the ascending level at $140.86. In many respects, this reflects the strength of buyers. However, this failure would not have allowed us to take advantage of the reversal that has occurred since the $152.29 low.
With this in mind, we have posted the upside resistance targets based on the October 23, 2019 low. These target are meant to confirm the strength of the rise and the potential for additional gains/losses going forward.