Atlassian Stock Soars to New High on Salesforce Momentum

Atlassian Corp.'s (NASDAQ:TEAM) stock has set a new all-time high, surpassing $194 on Friday. This comes after Salesforce's strong second-quarter report boosted enterprise software shares. The tech giant reported revenue of $11.35 billion, exceeding analyst expectations and marking an 11% increase from last year.

Salesforce also raised its full-year revenue outlook to $46.1 billion to $46.4 billion and lifted its adjusted earnings guidance to $16.67 to $16.71 per share. Atlassian's stock has been driven by the Salesforce connection, but it's worth noting that momentum is now at an all-time high, with the relative strength index sitting at 79.87.

Despite this, traders are watching $157.50 as support, a level close to the 20-day average that has often served as an early buying zone during strong uptrends like this one. Atlassian shares were up 4.40% at $193.79 at the time of publication on Friday.