Atlassian Trying To Close In On Key Technical Measure

The Relative Strength (RS) Rating for Atlassian (TEAM) moved up into a higher percentile Wednesday, as it got a lift from 70 to 74.

As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength.

IBD’s proprietary RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock’s price performance over the trailing 52 weeks matched up against all other stocks.

Over 100 years of market history shows that the best stocks tend to have an 80 or better RS Rating as they launch their biggest climbs. See if Atlassian can continue to rebound and clear that threshold.

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Atlassian has climbed more than 5% past a 245.03 entry in a first-stage consolidation, meaning it’s now out of a proper buy zone. Look for the stock to offer a new buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.

Atlassian saw both earnings and sales growth rise last quarter. Earnings-per-share increased from 0% to 92%. Revenue rose from 23% to 38%. Look for the next report on or around Jul. 30.

The company holds the No. 5 rank among its peers in the Computer Software-Special Enterprise industry group. Cornerstone OnDemand (CSOD) and Hubspot (HUBS) are also among the group’s highest-rated stocks.


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