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.
Trade fermée: cible de profit atteinte
Target reach ahead of earnings. Closed Position (could go higher)
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.