With solar stocks attracting renewed interest recently, SolarEdge Technologies (SEDG) has soared up the rankings in the SIA S&P 500 Index Report over the last week, climbing up from the red zone back into the Green Favored Zone for the first time since March.
For the last eighteen months, SolarEdge Technologies (SEDG) has been trending sideways between $200.00 and $375.00. Last month, SEDG successfully retested the bottom of this zone and since then it has been on an upswing, retaking its 50-day moving average and then the $300.00 level.
Based on previous peaks, upside resistance on the current upswing could potentially appear near $340.00 or $375.00, with initial support possible at the 50-day average near $275.
Bouncing back from a successful retest of support near $210.00, SolarEdge Technologies (SEDG) has soared back up above the $300.00 level. Along the way, SEDG has completed a bullish Double Top breakout signaling the start of a new upswing within the wide range that has dominated the last year.
Potential upside resistance tests appear near $337.75 and then $372.90 based on previous column highs. Initial support appears near $282.60 based on a 3-box reversal.
With a bullish SMAX score of 7, SEDG is exhibiting strength against the asset classes.
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