Home
News
- 1 ENPH stock price faced rejection from $130 and reversed down.
- 2 The downtrend in the Enphase Energy stock price continued.
- 3 Enphase Energy Inc. is expected to report quarterly earnings on October 26, 2023.
ENPH stock price faced rejection from the $130.00 level and reversed in a downward direction. It displayed a strong bearish candle and fell more than 6% in the last trading session.
Enphase Energy stock price struggles to climb above the 50-day EMA indicating a downtrend. The 200-day EMA also slopes downward confirming a downtrend and sellers’ dominance on the higher levels is also visible.
In the last two months, ENPH stock price spent time in the range between $111.44 to $132.00. During the consolidation phase, the bulls tried multiple times to break the $132.00 hurdle. Sadly, every attempt failed and the price continued to trade in the range.
Recently, the stock showed some bullish momentum and created hope for a trend reversal. But the up move ended as a bullish trap and the price lost the previous gains.
The price pattern of the Enphase Energy stock is highly bearish. But the price is very close to its 52-week low. So, short sellers must be careful before adding further shorts.
Moreover, the quarterly earnings are scheduled for the next week so short-term volatility in the stock may rise.
Will ENPH Stock Price Hit New Lows After Earnings?
ENPH stock price is in a correction phase and no signs of upside reversal or halt in downfall are visible.
The quarterly earnings of Enphase Energy are scheduled for October 26, 2023. Analysts estimated an EPS of $1.03 and revenue of $575.656 Million. Earnings may impact the price in the coming weeks and decide the direction.
If the company succeeds in beating the estimates, then the stock price might show a short-term bounce. However, until ENPH stock breaks out of the $141.00 hurdle, the sellers will remain active and the trend will remain down.
The analysis suggests that ENPH share price may test new lows after earnings despite beating estimates.
Enphase Energy Stock Price Near Crucial Support
Enphase Energy stock price formed a bearish inverted hammer candle on a weekly time frame.
The sellers seem more aggressive as compared to buyers so more downside is pending. However, till the price holds the $111.41 level, building fresh shorts will be risky.
The MACD curve lost the positive momentum and again reversed down by facing a hurdle at the zero line. The RSI at 40 pointing south also denotes weakness. Therefore, long-term investors should wait for earnings and let the price become stable before investing in it.
Conclusion
ENPH stock price reversed and fell 6.41% in the last session. The quarterly earnings are scheduled for next week so volatility may rise. Moreover, the high volatility will increase the probability of fake breakouts and breakdowns.
The analysis suggests that the Enphase Energy stock price is on the sellers’ radar and may hit new lows after earnings.
Technical Levels
- Resistance levels: $141.19 and $157.62
- Support levels: $111.41 and $92.71
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
