TEAM closer to 50 Days MA supportIBD rating of 99. Tighter stop than usual, lots of volatility in the market.
This one should do well even on a second wave of COVID 19, software for teams collaboration.
Long @ 177.22
TEAM trade ideas
Head & Shoulder Pattern for Remote WorkersWhat I see
+ Prices retraced to mid-March low and rebounded strongly to the neck line
+ Right shoulder formed after prices rebound from April low
+ Price has gone up ~20% for the year, not a bad performer during CV-19
+ With all the work-from-home workers scattered around the world, Atlassian provides the software tool that these companies need to allow the workers to work remotely.
- Earning call in 2 days; typically would avoid
Setup..
Entry - tight entry to get into position early
Target - $200 - round-number resistance - but will setup trailing stop to let it run
Stop - A lose Stop range in anticipation for volatility around earning
TEAM: A Product I Used MyselfQuick Fundamentals:
I am doing a quick fundamental review of this company because I have a still sick. Yep, I used their products before. This stock symbol is TEAM ( Atlassian Corp.). They develop software to help team manage and collaborate better. Their IPO was in 2015 and so far have survived one of my rigid tests. Funds are piling in to this company hand over foot; so, there is support beyond the charts in the near future and beyond technical analysis.
All checks for the US economy and stock market direction support this trade.
Quick Technicals:
27 weeks of consolidation
A strong base
volume build up
VPA confirmation
So, I am in a long position in this company as of today.
Target for 2020:
Tentatively its 260 to 300 by Q4. That is when I will do another re-evaluation.
Following the Rocketman means power for you!
Atlassian Corp. Plc Looks vulnerable, wait for results
Indicators are rolling over going into earnings.
Historically volatile post earnings.
Levels of Interest = $131 -129 support. $137 resistance
Average Recommendation: Overweight Average Target Price:$153
Company profile
Atlassian Corp. Plc is a holding company, which engages in the design, development, license, and maintenance of software and provision software hosting services. Its products include JIRA software, align, core, and Service Desk, Confluence, Trello, Bitbucket, Sourcetree, bamboo, opsgenie, and statuspage. The company was founded by Michael Cannon-Brookes and Scott Farquhar in 2002 and is headquartered in London, the United Kingdom.
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