Atlassian Corp (TEAM) - August 15, 2023
Atlassian Corp. (TEAM) is an Australian Software Company that develops products for software developers and project managers. 10 days ago, the company's latest earnings results forecast cloud computing revenue to increase by 25-30% and saw adjusted fourth-quarter earnings more than double from $0.27 to $0.57 above estimates leading to its largest one-day performance spike in 2 years.
As a result, TEAM has moved up 12 spots over the last week and 28 spots over the past month within the NASDAQ 100 SIA ranked Index Report. The company currently is ranked 19th within the Favored zone since entering at the end of last week.
After its strong earnings release on August 4th, TEAM gapped up opening around $210 before closing the day at $198. This is the bulk of the move that saw Atlassian Corp move back into the Favored zone, but the price movement since has still closed higher now right at $200 outperforming the US benchmarks over the same time period.
The $210 level now serves as a potential resistance level above that it will look to continue to push up towards. Support could be found below from its prior moves before the gap up around the $180 level.
Atlassian Corp. (TEAM) shares have bounced back in strong way from the November lows from last year and its recent downturn in May of 2023. It has since moved up through a long-term trendline in June and worked its way higher through prior resistance around the $185 level which now turns into its first support level at $182.28. Further support can be found below at $168.40.
To the upside, resistance can now be found at $213.57 and above this at $245.33 should its strength continue. TEAM is currently in a bullish Spread Triple Top point and figure chart pattern. This stock is known for bigger swings based on its history than normal market volatility, but still less than some other well known stocks in this Nasdaq 100 universe like TSLA or NVDA.
With a bullish SMAX score of 10, TEAM is exhibiting near-term strength against all the asset classes.
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