Solar power company Enphase Energy, a producer of batteries and power management software has continued to rise up the rankings in the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday, Enphase finished in the top position of the report having moved up 346 spots over the past quarter.
We last mentioned ENPH shares when they had first moved into the Green Favored Zone around June 3rd, 2022 and since then have increased 61.1% as of yesterdays close. Looking at the candle stick chart price has now broken key resistance at the $270-$283 range and prior all time high.
ENPH is currently been range bound but a break and close above current resistance just above the $300 round number would continue the rally. Prior resistance has now become support at $270 and below that major support is not seen until down near $220. Looking above if price were to make a new all time high resistance may come in at the 38.2% FIB extension around $333.
Enphase Energy (ENPH) is currently sitting at the doorstep of a bullish double top breakout which would be confirmed with a 1% move above $303.31 on the point and figure chart shown to the left.
The $300 round number sitting just below the current all time high is a key phycological number that will need to be broken in order for this rally to continue. Key support comes in at both the 3 box reversal and bottom of the last reversal between $288.59-$285.73. Below that support can be found near the breakout of the prior all time high at $263.87. On a confirmation of the bullish double top breakout resistance above comes in at $331.73 based on vertical counts.
With a bullish perfect SMAX score of 10, ENPH is exhibiting strength against all the asset classes
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