Stock Of The Day: Reversal For Workday?

Group 1 - Workday, Inc. (WDAY) is experiencing a potential reversal in its downtrend that began in May, as indicated by its recent trading activity [1] - The $206 price level for Workday has been significant for over two years, previously acting as resistance before becoming a support level [4][6] - The last five instances where Workday's stock price dropped to the $206 level resulted in a reversal and subsequent rally, suggesting a pattern of strong buying interest at this price point [7] Group 2 - Support levels are characterized by a large number of buy orders, which absorb sell orders and prevent further price declines [2] - Conversely, resistance levels are marked by a significant supply of shares for sale, which can halt market rallies [3] - The transformation of the $206 level from resistance to support indicates a shift in market sentiment and potential for upward price movement [6]