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Swing Trade Ideas (WDAY) – December 15, 2021

Our bearish trade for Wednesday, December 15th is Workday Inc. (WDAY). WDAY is part of the Technology sector that has moved lower by 3.4% over the last two days. 

WDAY recently broke below the $285 support turned resistance level and rejected this level on the retest which provides a good risk/reward bearish entry. The 1M trend is bearish and the 6M trend, which is neutral, is expected to follow soon. 

As a close, if WDAY were to trade above $280 for multiple days, this would invalidate our analysis and focus cutting losses on the trade. We also consider closing on this options trade if the value of the vertical spread moves below $3.80.