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Atlassian Corp. - (TEAM) - August 27, 2021 

Atlassian Corp. (TEAM) is an Australian Software Company that develops products for software developers and project managers. The company IPO'd on the NASDAQ in 2015 and has not looked back with a current market cap of 88.7B. Shares of TEAM have moved up 68 spots over the past quarter and 18 spots over the past month within the NASDAQ 100 SIA ranked Index Report. The company currently is ranked 3rd within the report with the shares up 33.59% since entering the Green favored zone back on June 21st, 2021. On June 29th, 2021 Atlassian blew away its earnings estimate of

-0.087 and reported 0.24 earnings per share (EPS). The stock gapped up 16% at the open and has continued to show strength to the upside since then. Breaking out of minor resistance that formed at the $340 level which now acts as an initial support level and below that at the $326 area. Major long term support can now be found at the $250-$260 area where prior highs had been broken as well as the area where the earnings gap open occurred.

Based on Fibonacci extension levels if the initial area of support holds at $340, potential levels of next resistance appear at $378.50 (161.8%) and $411.66 (261.8%).

Atlassian Corp. (TEAM) shares have been stair stepping their way up making higher highs and higher lows since it began trading on the NASDAQ in 2015. Recently, When looking at the 1% Point & Figure chart following a 4% reversal in early August shares have advanced 7% into the end of the month and completed a bullish double top pattern when an X printed above the $344.38 area.

A vertical count suggests next potential resistance may appear near $376.64, followed by the $400.00 round number. Initial support appears near $337.60 based on a 3-box reversal, followed by the recent lows of $324.42

With a bullish SMAX score of 10, TEAM is exhibiting strength against all the asset classes.

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