Atlassian Corp (TEAM) is an Australian software company that develops products for software developers, project managers and other software development teams. Let's check out the charts and indicators.
In this daily bar chart of TEAM, below, we can see that prices declined from early November to a low in May. Prices have retested the May low and are looking stronger as they are pushing above the early June highs. TEAM is testing the declining 50-day moving average line and could close above it as early as today.
The On-Balance-Volume (OBV) line made a low in May and a higher low in June to signal a shift from aggressive selling to aggressive buying. The Moving Average Convergence Divergence (MACD) oscillator has been improving and is close to crossing above the zero line.
In this weekly Japanese candlestick chart of TEAM, below, we can see a number of lower shadows in May and June as traders rejected the lows. The slope of the 40-week moving average line is pointed down.
The weekly OBV line shows some new stability while the MACD oscillator has narrowed significantly in recent weeks and is close to a cover shorts buy signal.
In this daily Point and Figure chart of TEAM, below, we can see a potential upside price target in the $278 area.
In this weekly Point and Figure chart of TEAM, below, we can see that prices reached a downside price target in the $219 area.
Bottom line strategy: Traders could go long TEAM at $200 or better risking to $180. The $278 area is our price objective.
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