Atlassian Corporation (TEAM) -Ascending Triangle Breakout Target
Overview: Atlassian Corporation (NASDAQ: TEAM) has been forming an ascending triangle pattern, which typically signals a bullish continuation. The stock has broken through a key resistance level at approximately $165, indicating potential further upside.
Technical Setup:
Pattern: Ascending Triangle
Breakout Level: ~$165
Target Zone: $190 - $200 (as shown in the highlighted area on the chart)
Trendline Support: The upward trendline has been acting as a consistent support, guiding the stock higher since mid-August.
Earnings Catalyst: With earnings approaching, the release could act as a potential catalyst to expedite the completion of this pattern, either causing a breakdown below the neckline or a temporary rebound before further selling pressure.
Price Action:
The recent breakout above the horizontal resistance around $165 signals the possibility of a bullish move toward the target zone of $190 to $200.
The breakout is confirmed by the price action breaking above the consolidation range and holding above the previous resistance.
Key Dates:
Short-term Target Date: Potentially reaching the target by December 2024, with further continuation into 2025 depending on market conditions.
Risk Management:
A breakdown below the trendline support (~$160) would invalidate the setup and may suggest a reassessment of the position.
Technical Setup:
Pattern: Ascending Triangle
Breakout Level: ~$165
Target Zone: $190 - $200 (as shown in the highlighted area on the chart)
Trendline Support: The upward trendline has been acting as a consistent support, guiding the stock higher since mid-August.
Earnings Catalyst: With earnings approaching, the release could act as a potential catalyst to expedite the completion of this pattern, either causing a breakdown below the neckline or a temporary rebound before further selling pressure.
Price Action:
The recent breakout above the horizontal resistance around $165 signals the possibility of a bullish move toward the target zone of $190 to $200.
The breakout is confirmed by the price action breaking above the consolidation range and holding above the previous resistance.
Key Dates:
Short-term Target Date: Potentially reaching the target by December 2024, with further continuation into 2025 depending on market conditions.
Risk Management:
A breakdown below the trendline support (~$160) would invalidate the setup and may suggest a reassessment of the position.
İşlem kapandı: hedefe ulaştı
Target reach ahead of earnings. Closed Position (could go higher)
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.