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- 1 ENPH stock price chart shows profit booking in the past trading sessions.
- 2 Enphase Energy share price fell below the 20-day EMA.
Enphase Energy (ENPH) stock price persists in draining the gains and is trading below the 20-day EMA, showing selling pressure on the charts. Moreover, the price action showcased sellers’ dominance where short buildup activity was noted, and buyers in trouble now started unwinding their positions in the last trading sessions. Furthermore, the chart structure indicates bearish cues signaling the extension of the sell-off, which might soon retest the strong support zone of $100. Amid the market bullishness, ENPH stock failed to participate in the rally, still hovering below the neutral region, and faced selling pressure in the past sessions.
ENPH share price is trading below the cluster of $150, showcasing signs of bearishness with a massive open interest of 2234 hundred thousand shares at a strike price of $125, showing strong resistance. Moreover, the long unwinding activity created pressure, and the stock hovered near the lower trendline of the falling wedge pattern.
At press time, ENPH stock price is trading at $123.35 with an intraday gain of 0.95%, showing a neutral chart structure. Moreover, the trading volume increased by 1.65% to 3.287 Million while the market cap is $16.819 Billion. However, analysts maintained a buy rating with a yearly target price of $193.29, suggesting a strong growth outlook for the upcoming sessions.
Enphase Energy, Inc. is a global energy technology company that designs, develops, manufactures, and sells microinverter systems for the solar photovoltaic industry.
The firm’s products include the IQ 7 Microinverter Series, IQ Battery, IQ Envoy, IQ Micro Inverter Accessories, IQ Envoy Accessories, and Enlighten & Apps. It operates through the following geographical segments: United States, India, China, Mexico, New Zealand, Romania, and Other.
ENPH Stock Delivers Negative Outlook On Daily Charts
On the daily charts, ENPH stock price produced the falling wedge pattern. The price is close to the lower trendline, near $120, which, if it breaks, will likely stretch toward $110. Conversely, if the price sustains near $125, a bounce toward the upper trendline near $130 can be anticipated.
Moreover, ENPH stock price is trading below the 38.2% Fib level and is near the lower Bollinger band, showcasing selling pressure for the past sessions.
ENPH share price persists in dragging the gains, and sellers continue showing their muscles and defeating the bulls for the past sessions.
The RSI curve is under the neutrality zone. And that, combined with the negative crossover, suggests that selling pressure might continue and that the stock will persist in facing headwinds in the following sessions.
The MACD showed a bullish crossover on the histogram, suggesting a neutral perspective for the upcoming sessions.
Summary
ENPH stock price is showcasing a falling wedge pattern and is hovering near the lower trendline, suggesting selling pressure will extend, and stock may reach $110 soon. Moreover, the chart structure indicates a negative outlook, and bears persisted in adding short positions, which may lead to a follow on selling in the subsequent sessions. The RSI and MACD taken together suggest a neutral outlook.
Technical Levels
Support Levels: $120 and $110
Resistance Levels: $125 and $140
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
