The Relative Strength (RS) Rating for Atlassian jumped into a new percentile Tuesday, with an huge increase from 69 to 87. See if TEAM stock can form a new buying opportunity.
When you're researching the best stocks to buy and watch, keep a close on eye on relative price strength.
IBD's proprietary rating identifies price action with a 1 (worst) to 99 (best) score. The rating shows how a stock's price behavior over the last 52 weeks stacks up against all the other stocks in our database.
History reveals that the stocks that go on to make the biggest gains tend to have an RS Rating north of 80 in the early stages of their moves.
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TEAM Stock Looks For A New Buying Opportunity
TEAM stock is now considered extended and out of buy range after clearing a 245.03 buy point in a first-stage consolidation. See if the stock forms a new pattern or follow-on 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 -2% to 13%. Revenue rose from 30% to 36%.
TEAM stock earns the No. 4 rank among its peers in the Computer Software-Special Enterprise industry group. Doubleverify Holdings and SPS Commerce are also among the group's highest-rated stocks.
