Enphase Stock Forecast
A very strong day for Enphase stock price on Wednesday
(Updated on Mar 27, 2024)
The Enphase stock price gained 9.56% on the last trading day (Wednesday, 27th Mar 2024), rising from $109.35 to $119.80. During the last trading day the stock fluctuated 8.46% from a day low at $110.70 to a day high of $120.07. The price has fallen in 6 of the last 10 days but is still up by 1.38% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 5 million shares were bought and sold for approximately $584.79 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.88% during the next 3 months and, with a 90% probability hold a price between $102.96 and $142.14 at the end of this 3-month period.
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ENPH Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 11.20%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Enphase stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $121.31. On a fall, the stock will find some support from the short-term average at $113.29. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Enphase stock
Enphase finds support from accumulated volume at $117.51 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $9.37 between high and low, or 8.46%. For the last week, the stock has had daily average volatility of 4.71%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ENPH) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Enphase Energy to open at $116.86, and during the day (based on 14 day Average True Range), to move between $113.48 and $126.12, which gives a possible trading interval of +/-$6.32 (+/-5.27%) up or down from last closing price. If Enphase Energy takes out the full calculated possible swing range there will be an estimated 10.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $117.51 (1.91%) than the resistance at $122.63 (2.36%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Enphase Energy stock A Buy?
Enphase holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.583 Sell Candidate Downgraded
Predicted Opening Price for Enphase Energy of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$116.86 ( 2.46%) | $119.80 |
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 | 126.23 | 5.36 % | |
R2 | 122.65 | 2.38 % | ||
R1 | 120.44 | 0.531 % | ||
Current price: | 119.80 | |||
Support | S1 | 113.28 | -5.44 % | |
S2 | 111.07 | -7.29 % | ||
S3 | 107.49 | -10.28 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 128.90 | 7.60 % | |
R2 | 123.56 | 3.14 % | ||
R1 | 122.63 | 2.36 % | ||
Current price | 119.80 | |||
Support | S1 | 117.51 | -1.91% | |
S2 | 116.88 | -2.44% | ||
S3 | 97.80 | -18.36% |
FAQ
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