More Highs Within Atlassian Stock’s Grasp

The historically bullish 80-day moving average could aid TEAM

Atlassian Corp (NASDAQ:TEAM) has fared well on the charts, up 55.3% so far this year. The stock is up 1.4% to trade at $198.96 at last check, bouncing off support from its $185 region, after a pullback from its Sept. 12, 52-week high of $215.77. The shares are now trading within striking distance of a trendline with historically bullish implications, too, which could bring additional gains.

Digging deeper, Atlassian stock is within one standard deviation of its 80-day moving average. Per Schaeffer’s Senior Quantitative Analyst Rocky White, TEAM saw at least five similar signals over the past three years. The stock finished higher one month later with an average 14.2% gain. A comparable move from its current perch would place the equity at a fresh one-year peak of $228.20.

TEAM 80Day

Over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity carries a 10-day put/call volume ratio of 1.48 that sits in the 88th percentile of annual readings. This indicates puts have been much more popular than usual. An unwinding of this pessimism would generate tailwinds.

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