Green day on Friday for Enphase stock after gaining 1.72%
(Updated on Aug 05, 2022)
Buy or Hold candidate since 2022-07-13 Gain 56.21% PDF
The Enphase stock price gained 1.72% on the last trading day (Friday, 5th Aug 2022), rising from $295.82 to $300.91. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 5.81% from a day low at $289.10 to a day high of $305.88. The price has risen in 7 of the last 10 days and is up by 42.25% 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, 715 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $1.10 billion.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $281.98, a level that may pose a second chance to hit a runner. According to fan-theory $334.37 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Signals & Forecast
The Enphase stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $288.36 and $219.46. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 16, 2022, and so far it has risen 77.43%. 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
On the downside, the stock finds support just below today's level from accumulated volume at $284.18 and $274.18. There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Enphase finds support just below today's level at $284.18. If this is broken, then the next support from accumulated volume will be at $274.18 and $254.77.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $16.79 between high and low, or 5.81%. For the last week, the stock has had a daily average volatility of 6.20%.
The Enphase stock is extremely overbought on RSI14 (87). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $291.10 (-3.26%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations For The Upcoming Trading Day Of Monday 8th
For the upcoming trading day on Monday 8th we expect Enphase Energy to open at $298.63, and during day (based on 14 day Average True Range), to move between $284.00 and $317.82, which gives a possible trading interval of +/-$16.91 (+/-5.62%) up or down from last closing price. If Enphase Energy takes out the full calculated possible swing range there will be an estimated 11.24% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $16.73 (5.56%) our system find the risk reward attractive.
Is Enphase Energy stock A Buy?
Enphase holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.Hold/Accumulate Unchanged
Predicted Opening Price for Enphase Energy of Monday, August 8, 2022
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price August 8, 2022||Current price|
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