Atlassian Corporation Plc Stock Forecast
About Chart
Golden Star
The Golden Star is a refined bullish signal based on the Golden Cross, developed by Jim Stromberg, incorporating additional time frame-specific moving averages and precise price line crossings. This signal is effective for liquid stocks, highlighting short-term upward momentum.
Death Star
The Death Star, developed by Jim Stromberg, is the bearish counterpart to the Golden Star, serving as a sell signal. It is triggered by specific moving average crossings on the price line, indicating a likely prolonged decline in the stock.
Golden Cross
The Golden Cross is a bullish signal where the short-term moving average crosses above the long-term moving average, indicating potential upward momentum.
Death Cross
The Death Cross is a bearish signal where the short-term moving average crosses below the long-term moving average, indicating potential downward momentum.
Pivot Bottom
A Pivot Bottom is a significant low point identified by algorithms developed by StockInvest.us. While it may indicate a short-term directional change, it does not necessarily imply a complete trend reversal. Pivot Bottoms are marked as green circles on the price line.
Pivot Top
A Pivot Top represents a significant high point identified by algorithms developed by StockInvest.us. Similar to Pivot Bottoms, it may suggest a short-term directional change within the main trend, rather than a full trend reversal. Pivot Tops are marked as red circles on the price line.
RSI Oversold
RSI oversold indicates that a stock has declined significantly and may be undervalued, potentially presenting a buying opportunity. This condition is marked by a green line on the chart but should be confirmed with other indicators before taking action.
RSI Overbought
RSI overbought suggests that a stock has risen rapidly and may be due for a pullback. It is marked by a red line on the chart, signaling increased risk. This doesn’t necessarily mean it’s time to sell, but it’s important to monitor closely.
Accumulated Volume
The bars indicate how much stock has been traded on each price during the chart period.
Buy Signal (MA)
Buy signal from moving average indicating potential upward movement.
Sell Signal (MA)
Sell signal from moving average indicating potential downward movement.
Stock Analysis |
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Risk Assessment |
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Trading Strategy |
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On Friday, Atlassian Corporation Plc stock price gained an impressive 18.99%
(Updated on Nov 01, 2024)
Buy or Hold candidate since Oct 09, 2024
Gain 26.68%
The Atlassian Corporation Plc stock price gained 18.99% on the last trading day (Friday, 1st Nov 2024), rising from $188.54 to $224.35. During the last trading day the stock fluctuated 6.74% from a day low at $214.69 to a day high of $229.16. The price has been going up and down for this period, and there has been a 17.03% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 10 million shares were bought and sold for approximately $2.15 billion.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $204.49, a level that may pose a second chance to hit a runner. According to fan-theory $226.00 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
TEAM Signals & Forecast
The Atlassian Corporation Plc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $194.54 and $177.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, September 17, 2024, and so far it has risen 43.98%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Atlassian Corporation Plc stock
On the downside, the stock finds support just below today's level from accumulated volume at $194.00 and $189.35. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Atlassian Corporation Plc finds support just below today's level at $194.00. If this is broken, then the next support from accumulated volume will be at $189.35 and $188.54.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $14.47 between high and low, or 6.74%. For the last week, the stock has had daily average volatility of 3.11%.
The Atlassian Corporation Plc stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $216.54 (-3.48%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 33 days ago.)
Trading Expectations (TEAM) For The Upcoming Trading Day Of Monday 4th
For the upcoming trading day on Monday, 4th we expect Atlassian Corporation Plc to open at $222.73, and during the day (based on 14 day Average True Range), to move between $216.51 and $232.19, which gives a possible trading interval of +/-$7.84 (+/-3.50%) up or down from last closing price. If Atlassian Corporation Plc takes out the full calculated possible swing range there will be an estimated 6.99% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $194.00, some $30.35 (13.53%) from the current price of $224.35, our system finds the risk reward attractive.
Is Atlassian Corporation Plc stock A Buy?
Atlassian Corporation Plc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
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Predicted Fair Opening Price
Predicted fair opening price on November 4, 2024 - $222.73 ( 0.721%).Trading levels for TEAM
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 237.20 | 5.73% |
R2 | 231.68 | 3.27% |
R1 | 228.26 | 1.74% |
Price | 224.35 | |
S1 | 217.21 | -3.18% |
S2 | 213.79 | -4.71% |
S3 | 208.26 | -7.17% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 0 | - |
R1 | 0 | - |
Price | 224.35 | |
S1 | 194.00 | -13.53% |
S2 | 189.35 | -15.60% |
S3 | 188.54 | -15.96% |
FAQ
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