Atlassian hits new all-time high as enterprise software rallies
Atlassian shares extended Thursday’s rally Friday, touching a new all-time high above $194 after Salesforce’s strong quarter lifted enterprise software names.
Atlassian Corp. (NASDAQ: TEAM ) shares are extending Thursday’s rally on Friday, touching a new all-time high today. Here’s what you need to know. Atlassian stock is approaching key resistance levels.
Why are TEAM shares at highs? ’s (NYSE: CRM ) second-quarter report, released after the close Wednesday, set off yesterday’s rally across enterprise software names, and that lift has carried into today. 27 estimate. 37 consensus.
12 range. Beyond the Salesforce connection, Atlassian shares are setting fresh records today. 73 to mark a new all-time high for the company. Atlassian’s Rally Looks Stretched On the Charts That fresh high comes with a technical picture that reflects just how far the stock has run.
34, an extension typical of a strong trend that has gotten ahead of itself. A golden cross that formed in August, when the 50-day average moved above the 200-day, reinforces the bullish backdrop and tends to draw in trend-following buyers. Momentum is the bigger story right now. 87, deep into overbought territory, signaling the rally has outpaced its recent typical pace.
That doesn’t necessarily mean a reversal is coming, but it does raise the odds of a pause, pullback or choppier trading if buying momentum fades. 50 as support, a level close to the 20-day average that has often served as an early buying zone during strong uptrends like this one. 79 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Pro.
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