Enphase Stock Forecast
Red day on Friday for Enphase
(Updated on Apr 19, 2024)
The Enphase stock price fell by -2.46% on the last day (Friday, 19th Apr 2024) from $109.17 to $106.48. During the last trading day the stock fluctuated 3.67% from a day low at $105.96 to a day high of $109.85. The price has fallen in 6 of the last 10 days and is down by -5.16% for this period. Volume has increased on the last day by 277 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $367.29 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 $100.10 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 2.02% during the next 3 months and, with a 90% probability hold a price between $102.12 and $141.13 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ENPH Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $112.77 and $117.28. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, February 15, 2024, and so far it has fallen -21.93%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Enphase stock
Enphase finds support from accumulated volume at $104.13 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 $3.89 between high and low, or 3.67%. For the last week, the stock has had daily average volatility of 4.68%.
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 Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Enphase Energy to open at $107.43, and during the day (based on 14 day Average True Range), to move between $100.26 and $112.70, which gives a possible trading interval of +/-$6.22 (+/-5.84%) up or down from last closing price. If Enphase Energy takes out the full calculated possible swing range there will be an estimated 11.68% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $104.13 (2.21%) than the resistance at $116.88 (9.77%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Enphase will release earnings AMC 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?
The Enphase stock holds several negative signals and despite the positive trend, we believe Enphase will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.614 Sell Candidate Unchanged
Predicted Opening Price for Enphase Energy of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $107.43 ( 0.89%) | $106.48 |
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 | 111.32 | 4.55 % | |
| R2 | 109.83 | 3.15 % | ||
| R1 | 108.92 | 2.29 % | ||
| Current price: | 106.48 | |||
| Support | S1 | 105.94 | -0.503 % | |
| S2 | 105.03 | -1.37 % | ||
| S3 | 103.54 | -2.76 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 128.90 | 21.06 % | |
| R2 | 117.51 | 10.36 % | ||
| R1 | 116.88 | 9.77 % | ||
| Current price | 106.48 | |||
| Support | S1 | 104.13 | -2.21% | |
| S2 | 100.51 | -5.61% | ||
| S3 | 97.80 | -8.15% |
FAQ
Click here for our free guide on how to buy Enphase Stock.
