Enphase Stock Forecast
Enphase stock price up 1.43% on Wednesday
(Updated on Apr 17, 2024)
The Enphase stock price gained 1.43% on the last trading day (Wednesday, 17th Apr 2024), rising from $110.47 to $112.05. During the last trading day the stock fluctuated 5.36% from a day low at $108.56 to a day high of $114.38. The price has been going up and down for this period, and there has been a -5.52% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 719 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $405.63 million.
The stock lies in the lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $110.07 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 4.92% during the next 3 months and, with a 90% probability hold a price between $115.49 and $147.80 at the end of this 3-month period.
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ENPH Signals & Forecast
There are mixed signals in the stock today. The Enphase stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $116.47 and $118.15. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 4.01%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Enphase stock
Enphase finds support from accumulated volume at $107.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $5.82 between high and low, or 5.36%. For the last week, the stock has had daily average volatility of 5.17%.
Our recommended stop-loss: $105.33 (-6.00%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (ENPH) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Enphase Energy to open at $111.66, and during the day (based on 14 day Average True Range), to move between $105.66 and $118.44, which gives a possible trading interval of +/-$6.39 (+/-5.71%) up or down from last closing price. If Enphase Energy takes out the full calculated possible swing range there will be an estimated 11.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $116.88 (4.31%) than the support at $107.15 (4.37%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Enphase will release earnings BMO on Tuesday, April 23, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.430. We will update the financials statements for Enphase, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.04% in the first trading day after earnings release.
Is Enphase Energy stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Enphase stock to perform well in the short-term.
Current score: 1.396 Buy Candidate Unchanged
Predicted Opening Price for Enphase Energy of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $111.66 ( 0.345%) | $112.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ENPH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 117.48 | 4.85 % | |
| R2 | 115.26 | 2.86 % | ||
| R1 | 113.89 | 1.64 % | ||
| Current price: | 112.05 | |||
| Support | S1 | 109.44 | -2.33 % | |
| S2 | 108.07 | -3.56 % | ||
| S3 | 105.84 | -5.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 128.90 | 15.04 % | |
| R2 | 117.51 | 4.87 % | ||
| R1 | 116.88 | 4.31 % | ||
| Current price | 112.05 | |||
| Support | S1 | 107.15 | -4.37% | |
| S2 | 100.51 | -10.30% | ||
| S3 | 97.80 | -12.72% |
FAQ
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