With solar power related stocks attracting new interest, Enphase Energy, a producer of batteries and power management software, continued to rise up the rankings in the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday, Enphase finished in 35th position, its highest rank since December, up 77 places on the day and up 335 spots in the last month.
Three weeks ago, a retreat in Enphase Energy (ENPH) shares bottomed out at a higher low near $140. Since then, the shares have been under renewed accumulation, steadily recovering, establishing a new upward trend of higher lows, and snapping out of a short-term downtrend.
While support has climbed up toward $180, ENPH is currently testing resistance at a long-term downtrend line. A close above the $200 round number would confirm the start of a new uptrend. Should that occur, next potential upside resistance tests may appear near $220 then $245 based on previous peaks.
Bouncing back from a recent selloff that bottomed out at a higher low, Enphase Energy (ENPH) recently completed a bullish Double Top breakout that called off a previous double bottom.
Currently challenging the $200.00 round number, next potential upside resistance levels for ENPH appear near $216.95, a previous column high, $234.80 based on a horizontal count, and $254.15, based on a vertical count. Initial support appears near $181.50 based on a 3-box reversal.
With a bullish SMAX score of 9, ENPH is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.
