A TOTAL OF 4 BREAK-OUTS FOR MAY 2019
So far, for the month of May 2019 we have had a total of 4 breakouts from the weekly Sunday Stock Report Watch List.
Three of those (in the table below) have pulled back modestly, yet do remain above support.
One, Atlassian (TEAM) continues to hold onto its gains, as it closed the week at new all-time highs.
|SYM||LAST||ADDED TO WATCH LIST||BREAK
|MAX BUY PRICE|| % GAIN
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
This very highly-ranked, fundamentally sound, leader was first added to the Sunday Stock Report Watch List on May 5th.
Shares broke out late-afternoon on May 8th as they traded above our posted TRIGGER PRICE of $117.16 while volume was running twice the normal rate.
This leader closed its break out day +6%, at the session highs, and at a new all-time high.
Even with the gap down of the broader market the following day, TEAM continued higher, adding an additional +7% gains.
Then on that Friday, the stock did dip very briefly in the morning, before quickly recovering and going on to close out the day with another +3% move.
During this three day advance, volume had been well above the normal rate as shares ratcheted higher from their 50-day moving average. This was a sign of institutional accumulation, and that is a characteristic we like to see accompany a buyable breakout.
On the following Monday (5/13), there was a sharp gap lower, along with the market. Shares did steadily recover for the next 3 sessions to close back at another new all-time high on Thursday (5/16).
This past week, the volatility continued, although in a more muted fashion. Shares ended Friday just 23 cents from a new all-time high close, up +10.5% from the BREAK OUT PRICE.
I am now going to raise our 1st SUPPORT up to the round-$120. This is only a developing area of support, as the stock has only tested here once. Not a strong support point, but definitely an initial line to watch.
I also adjusted our 2nd SUPPORT to the 50-day, currently $144.47.
STOP LOSS GUIDE
|CURRENT % GAIN/LOSS|
As far as the broader market – if we do get a confirmation day on one of the major averages, that potential action will likely take stocks like TEAM higher.
However, let’s keep in mind that we are in officially in a correctional phase, and traders should be nimble.
If TEAM starts to pullback with an increase in volume, that would be a sign of potential trouble, especially if the market environment deteriorates.
TEAM is one of the four breakouts that we have had so far for May from the watch list in the Sunday Stock Report.
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