TEAM trade ideas
$TEAM Atlassian shows weakness short term $144Not enough followup to yesterday's rebound from $160.
Expecting $TEAM to slowly grind down in the next weeks.
Buy at $144
Atlassian - Defy The Gravity Because It BenefitsAtlassian is still cheap and very small compared to its competitor like Microsoft. Atlassian will be another stock that people wish they bought especially during this corona crisis.
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 is dealing with an important resistant TEAM is dealing with the resistance around 156, If it can break it, the RSI will be in overbought and it can go like a charm, otherwise, it will face to RSI divergence!
TEAM Fibonacci Scythe and StaircaseTight price range with the 'Fibonacci Scythe' that has formed which can be seen around the price area.
Staircase price action can also be observed
TEAM One of the the few strong stocks leftLike TEAM long above the box and short below. Targets are dotted black lines.
Inverse Eve and Eve double top correctionExample of an inverse Eve and Eve double top correction, like an Eve and Eve double bottom which is a bullish reversal pattern, simply the opposite! A correction can be already seen to be underway.
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!
TEAM Looking Like a Buy Over the Mid TermTEAM looks like a buy over the mid term. Look for a pull back into the $132-$140 range for a buying opportunity. Look for a price target of $176 before the next earnings call.
TEAM - Earnings PlayEarnings expected move is 7% (High: $140; Low: $122).
I sold a $117 put for $75. Do not think it will gap that low.
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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TEAM: I fully expect wave 5 to be extended. Sub (i) of 5 is doneWave A and B of sub (ii) looks done with A=C. Expect a wave C down.
Atlassian Corp trade setupBullich reversal underway, possible long on break above Fibonacci .65 level.
TEAM – Bullish Weekly Trend Incoming + EarningsNot currently in this trade but will be entering Monday. Stop loss $118. I will update if filled.
Trade Entry
Jan. 31 expiry. Put Credit Spread. $2.60 credit or more. Max loss $240. Max gain $260.
Total probability of profit on this trade is only 56%. Low. EMA Cross, 10WeekMA cross, and earnings are reasons for entry.
Close before expiry at 50% profit or greater. Looking to exit after earnings. If earnings are positive and no price spike, hold while collecting theta and waiting for price spike.
Chart Details
Chart is almost entirely bullish.
Weekly trend about to turn bullish. There is positive price action every time this happens.
Bullish EMA cross and bullish 10WeekMA cross are very close at $125.
Options entry above takes advantage of moving average price crosses and earnings combo.
About Me
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I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts.
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Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish
