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Atlassian (TEAM) Just Reclaimed the 50-Day Moving Average

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Atlassian (TEAM - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, TEAM broke out above the 50-day moving average, suggesting a short-term bullish trend.

One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.

Over the past four weeks, TEAM has gained 11.6%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.

The bullish case solidifies once investors consider TEAM's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 higher, while the consensus estimate has increased too.

With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on TEAM for more gains in the near future.


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