Atlassian Corp. PLC (TEAM) is still headed higher - the business productivity software company recently broke out above its early October high, but our charts are still bullish.
In this daily bar chart of TEAM, below, we can see an uptrend in place the past 12 months. The decline in October and November only tested the rising 200-day moving average line.
TEAM is now back above the rising 50-day and the rising 200-day lines.
The daily On-Balance-Volume (OBV) line has been moving from the lower left to the upper right on the chart which tells us we are in an uptrend. A rising OBV line signals that buyers of TEAM have been more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator is above the zero line and is turning up to a fresh outright go long signal.
In this weekly bar chart of TEAM, below, we can see that prices have risen more than four-fold the past three years. TEAM is above the rising 40-week moving average line.
The weekly OBV line is strong up till September. The OBV line may have started to turn up again but the trend is not strong.
The weekly MACD oscillator crossed to the upside in December for a fresh outright go long signal.
In this Point and Figure chart of TEAM, below, we can see an upside price target of near $119.
Bottom line strategy: TEAM looks like it is headed still higher. Trade it from the long side risking below $94.