WDAY Today Is My Play for May

Workday (Ticker: WDAY) is a stock I track every day in my Momentum Stocks room. This stock has been on a strong trend for 2019, and one of the tech names everyone loves to own these days. So when I saw WDAY dropping early in the session, I immediately started to look for an entry into the name. As WDAY rapidly approached a key technical and psychological level of support at the $200 range, I did not hesitate to get the signal out to the clients. Yes WDAY is down big today. However, the dip buy is the play until it isn’t. While WDAY could easily continue lower here, I do love the fact that WDAY has bounced (so far) at the key level we were watching. That is a very important factor I do not think that is talked about enough. Seeing the opportunity and then having the CONVICTION to take it. You must be able to “see” the opportunity first. Having a background in technical analysis does wonders. Then having the “conviction” to go after the name on a down market day while the stock is dropping. Yes, it takes a lot of faith to count on that level of support. That is where experience plays a major role. Experience+Knowledge+Conviction led me to WDAY today. We shall see where the stock goes in the near future, but for now, I am happy to be in it to win it.