$TEAM

Atlassian looks constructive: after a 200% six-month run and a 5.5% drop to 204.80, it should turn positive if it holds the spring level as support; KG sees 175 as key support and a break above 230 as targeting about 285 over weeks to months.

BullishHe framed it in months
“The Big 3: CRWV, APPL, TEAM”
Schwab NetworkPublished Oct 16 · 9 passages

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11:5616:11

Okay Tim, let's move on to your final choice. You have Atlassian with its trading symbol here and a fun chart. I mean, they were in a state of brilliance throughout the fall in terms of momentum working in their favor. How do you view Atlasian?

You know, I was pleased to see this, which I would basically call an extended idea from last week. Um, she was among the top three, and as you know, she had a very good week. Then, as you know, there's a sale today.

But again, look, find me a technology or artificial intelligence stock that hasn't had a few rough days. But you know, when it comes to the chart , and I'm looking forward to seeing KG's analysis, it's kind of the same idea.

As you know, here it is, right in front of us . Um, the stock struggled at the 190-200 level throughout the spring, and its situation became very bad during the Software as a Service (SaaS) debacle, then it came back up above that level, and actually took off from there last week.

This is the idea of a pullback; if the stock manages to maintain those levels it reached in the spring, this reinforces that rule. It's the same idea when we talk about support and resistance levels.

It's almost the same idea with Core Wave at its 52- week lows. I truly believe that the resistance level that existed in the spring is a good support level to trade based on. As I mentioned regarding CoreWave, if the stock breaks this level, it gives you a clear indication to say: "Okay, it was on an upward trend, and made huge gains in the last six months , but it crashed and declined, so let's move on to something else ."

But if it can hold at this level with today's selling and maintain it, we could see a positive turnaround in all these stocks before or even after the election. I think it's a very good level to trade, and I admire the performance of this stock.

It's like Apple; despite its decline today, it has remained resilient throughout all this chaos this week.

Okay, "KG". So, let's take a look at this graph, because Atlassian was one of the companies that was severely affected by the so-called Software as a Service disaster. The stock then moved sideways during the summer, but as Tim just pointed out, if we look from late spring until now, that is, the last six months, we've gone up by almost 200%. So, analyze this graph for us.

Yes. Well, on the daily chart for one year, you're right. The stock came under significant pressure at this time last year. We traded in a descending channel and witnessed this further breakdown downwards here.

We've reached about $56. That was in April, and since then we have been recording higher support levels . A channel that is clearly defined until we see a breach and a gap that has not yet been tested .

This is between $110 and let's say $140. So, this is something you should keep in mind for the next two weeks or so. We continue to achieve higher peak levels , and more often than not, higher trough levels.

Now I would like to say that yesterday's candle was very strong, and it kind of swallowed up the upward trend, after what we might call the shooting star pattern of the previous day.

So, there was a fairly good bullish hammer candle and engulfing pattern yesterday. Today we reversed most of that upward movement, and this just shows that there is a lot of movement happening within this stock as well as in the sector as well.

We have a bit of bearish divergence on the Relative Strength Index (RSI) that you should pay attention to. The MACD indicator is still in an upward formation, but today it is trying to lean slightly downwards.

But if you look at the weekly chart, it is still mostly bullish.

The 230 level was the main resistance zone. That was almost the highest level for this week. Then we witnessed a decline towards the downside. The 200-week moving average at 175 will be a key support area for this stock .

You are in a consolidation phase, then you will break through again. If it breaks above the 230 level, it will reach around 285. That is at least what the technical indicators show.

The MACD indicator is still in a bullish formation. The Relative Strength Index is showing lower peaks, but there is nothing to worry about at this stage. The stock has remained in the middle of this general range over the past three years.

This stock still looks constructive and wants to move a little higher . Although we see a red candle for the week if you look at some kind of "shooting star" signaling a reversal, the daily chart is a bit more constructive , meaning this stock could continue its upward trajectory over the next few weeks or months.

Atlassian is moving down today; we are down about 5.5 percent at 204.80,

What this channel has said about $TEAM

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