Atlassian (TEAM) shares surged in extended trading on Thursday after the software company issued an upbeat revenue outlook amid robust demand for its 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI)-powered cloud offerings.

The software maker guided current quarter and full year revenue above Wall Street expectations. CFO Joe Binz said that enterprise sales execution drove better-than-expected revenue across the company’s cloud and data center services, adding that Atlassian generated 30% 澳洲幸运5官方开奖结果体彩网:subscription revenue growth in the fiscal second quarter.

The company, which offers customers a range of collaboration tools, including a recently released AI assistant that allows users to customize enterprise data, has seen its shares jump more that 40% over the past three months through Thursday's close. The stock rose 20% to $319 in after-hours trading.

Below, we take a closer look at Atlassian’s 澳洲幸运5官方开奖结果体彩网:weekly chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to identifyౠ crucial price levels to watch out for.

Projected Pennant Pattern Breakout

Since early December, Atlassian shares have consolidated in a pennant, a chart pattern that signals a 澳洲幸运5官方开奖结果体彩网:continuation of the stock’s strong uptrend🃏 that started i💙n August.

Indeed, the stock is projected to stage a decisive breakout fr🎃om the pennant in Friday’s trading session after the company’s upbeat qua🐷rterly report.

It’s also worth pointing out that even before today’s results, the stock registered its highest weekly volume since early November, suggesting that some larger ꧒marke♚t participants had positioned for the stock to resume its trend higher.

Let’s turn to Atlassian’s chart to identify three key overhead areas where the shares may run into 澳洲幸运5官方开奖结果体彩网:resistance and also point out an important 澳洲幸运5官方开奖结果体彩网:support level to eye during retracements.

Key Overhead Areas to Watch

The first key 🐈overhead area to watch sits at $335, a location where the shares could face selling pressure near the December 2021 lo💜w and February 2022 high.

Further upside could see the shares climb to the 澳洲幸运5官方开奖结果体彩网:psychological $400 area. Investors who have bought at lower prices may look to 澳洲幸运5官方开奖结果体彩网:lock in profits at this level near the December 2021 澳洲幸运5官方开奖结果体彩网:countertrend peak.

Buying above this level may propel a move to around $460, an area where the shares could run into resistance just below the stock’s 澳洲幸运5官方开奖结果体彩网:record high, set in October 2021. This region also sits just under a projected bars pattern target that takes the stock’s impulsive move high🌄er from August to December last year and overlays it from the pennant pattern’s upper trendline, speculating how a bullish continuation move may play out.

Important Support Level to Eye

During retracements, investors should keep tabs on the $288 level. Atlassian shares could encounter support in this area near the pennant pattern’s peak, which also closely aligns with the prominent August 2022 澳洲幸运5官方开奖结果体彩网:swing high.

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