Swing Trade Idea – (TEAM) – June 5, 2020
Our bearish trade for Friday, June 5th is TEAM (Atlassian Corporation PLC).
TEAM is part of the Technology Sector (XLK). XLK has experienced a 8.2% gain in the last month and its 1M and 6M trends turned bullish on the 8th and 22th of April respectively.
TEAM’s 1M trend turned neutral on June 4th and has been trading rangebound for the past month. With a technical score of 10 (out of 10), TEAM is a very strong stock that will likely continue lower or remain neutral.
As a stop loss, if TEAM were to trade above $190 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $8.00.