Watch These Atlassian Price Levels as Stock Surges on Revenue Outlook

Atlassian (TEAM) shares have been on a tear, surging 23.7% in the past three months, as investors bet on the company's strong financial performance and growth prospects. The stock's recent rally can be attributed to several key factors, including robust quarterly results, a positive revenue outlook, and the company's focus on AI integration and cloud migration. As Atlassian's stock continues to climb, investors should keep an eye on several crucial price levels to capitalize on potential opportunities.



First, let's examine the key overhead areas where Atlassian shares may encounter resistance:

1. $335: This level represents the December 2021 low and February 2022 high, where sellers may be eager to take profits.
2. $400: This psychological level could see Atlassian shares face selling pressure as investors lock in profits from the recent rally.
3. $460: This area sits just below Atlassian's record high, set in October 2021, and may act as a formidable resistance level.



Investors should also monitor the important support level near $288, which aligns with the pennant pattern's peak and the August 2022 swing high. This level could provide a solid foundation for Atlassian's share price, especially during retracements.

Atlassian's recent stock surge is a testament to the company's strong financial performance and growth prospects. As the stock continues to climb, investors should keep a close eye on these key price levels to identify potential entry and exit points. By staying informed and vigilant, investors can position themselves to capitalize on Atlassian's ongoing momentum and potential future gains.

Action Alerts PLUS, which Cramer manages as a charitable trust, is long TEAM.