Atlassian Surges 8.5% In 3 Days As Bullish Signals Converge At $184

Atlassian Technical Analysis
Atlassian (TEAM) gained 5.59% in the most recent session, extending its gains to 8.50% over three consecutive trading days, closing at $182.36 on September 9, 2025. The following technical analysis evaluates key indicators to assess future price trajectory.
Candlestick Theory
Recent candlestick patterns reveal a bullish reversal signal. The September 9 session formed a robust bullish engulfing candle, closing near the high ($184) after testing support at $175.25. This pattern, following a three-day advance, invalidates the prior consolidation between $169–$173. Immediate resistance is established at $184 (September 9 high), with a decisive breakout potentially targeting $189. Support resides at $172.70 (September 8 close) and $168.08 (September 4 trough), reinforced by congestion in late August.
Moving Average Theory
The 50-day moving average (MA) slopes upward at $178.50, crossing above the 100-day MA ($183) – a bullish near-term signal. However, price remains below the 200-day MA ($205), reflecting persistent long-term resistance. A "golden cross" materialized in late August (50-day > 100-day), supporting the current uptrend. Sustained trading above the 50-day MA suggests bullish momentum, but the 200-day MA may cap rallies until broader sentiment improves.
MACD & KDJ Indicators
The MACD histogram shows bullish momentum, with the signal line crossing above zero on September 9. KDJ aligns, with the %K line (78) surpassing %D (70) and both trending upward from oversold territory a week prior. Despite approaching overbought levels, MACD’s upward trajectory and KDJ’s positive crossover suggest continuation potential. Divergence is absent, though extended KDJ values warrant monitoring for pullbacks.
Bollinger Bands
Bollinger Bands contracted sharply on September 8 (bandwidth ≈ 5% of price), signaling reduced volatility before the September 9 breakout. Price breached the upper band ($180) during the rally, historically followed by brief consolidation. The bands now expand, implying volatility normalization. Support converges with the 20-day moving average ($176), aligning with the breakout point. A close below the midline ($172) would invalidate bullish momentum.
Volume-Price Relationship
Volume surged 97% on September 9 (3.6M shares vs. 1.8M prior), confirming bullish conviction. This expansion exceeds the 20-day average volume (2.4M) and accompanies a 5.6% price gain – a sign of institutional accumulation. Preceding the rally, volume diminished during the $169–$173 consolidation, indicating seller exhaustion. Sustained volume above the 50-day average (2.8M) would validate trend strength.
Relative Strength Index (RSI)
RSI (14-day) climbed to 65, approaching overbought territory (>70) but retaining upward momentum. Recent lows near 30 (August 13) marked oversold conditions, preceding a 13% rally. The current reading suggests room for appreciation before technical exhaustion. However, RSI diverged negatively in late July (price higher highs, RSI lower highs), a cautionary signal against aggressive longs.
Fibonacci Retracement
Applying Fibonacci to the June–July decline (peak: $276.73, trough: $157.82), key levels emerge. The recent breakout surpassed the 38.2% retracement ($188.60), now acting as support. The 50% level ($217.28) and 61.8% ($246.58) serve as primary upside targets. Confluence exists near $188–$190, where Fibonacci, Bollinger resistance, and the 100-day MA converge. A close above $188.60 would signal bullish continuation toward $217.
Confluence and Divergence
Confluence: Bullish alignment is evident at $184–$188, where Bollinger resistance, Fibonacci levels, and the 100-day MA intersect. Breakout confirmation here could accelerate gains. Divergence: RSI’s bearish divergence in late July contrasts with August’s MACD/KDJ oversold bounce – resolved by September’s volume-backed surge. No material divergence currently exists.
Conclusion
Atlassian exhibits strong short-term bullish momentum, validated by volume-backed breakouts, moving average crossovers, and reversal candlesticks. Key resistance at $184–$188 requires decisive clearance to confirm targets toward $217 (Fibonacci 50%). While overbought signals are nascent (RSI 65, KDJ 78), momentum oscillators and volatility expansion suggest consolidation may precede further gains. Bearish invalidation triggers include a close below $172.70, which would reactivate range-bound trading. Probabilistically, bulls maintain an edge above $176 (Bollinger midline).