Enphase Stock Forecast
Enphase stock upgraded to Buy Candidate.
(Updated on Apr 23, 2024)
The Enphase stock price gained 2.69% on the last trading day (Tuesday, 23rd Apr 2024), rising from $110.51 to $113.48. During the last trading day the stock fluctuated 5.88% from a day low at $109.65 to a day high of $116.10. The price has fallen in 6 of the last 10 days and is down by -6.97% for this period. 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, 6 million shares were bought and sold for approximately $648.89 million.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Enphase stock with a 90% probability to be traded between $106.80 and $137.07 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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ENPH Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 6.57%. 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 $116.44. On a fall, the stock will find some support from the short-term average at $110.66. 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 $112.27 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 $6.45 between high and low, or 5.88%. For the last week, the stock has had daily average volatility of 5.19%.
Our recommended stop-loss: $108.83 (-4.10%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (ENPH) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Enphase Energy to open at $113.08, and during the day (based on 14 day Average True Range), to move between $107.31 and $119.65, which gives a possible trading interval of +/-$6.17 (+/-5.44%) up or down from last closing price. If Enphase Energy takes out the full calculated possible swing range there will be an estimated 10.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $112.27 (1.07%) than the resistance at $116.88 (3.00%), 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?
Several short-term signals 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 period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.311 Buy Candidate Upgraded
Predicted Opening Price for Enphase Energy of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $113.08 ( 0.355%) | $113.48 |
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 | 119.53 | 5.33 % | |
| R2 | 117.06 | 3.16 % | ||
| R1 | 115.54 | 1.82 % | ||
| Current price: | 113.48 | |||
| Support | S1 | 110.61 | -2.53 % | |
| S2 | 109.09 | -3.87 % | ||
| S3 | 106.63 | -6.04 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 128.90 | 13.59 % | |
| R2 | 117.51 | 3.55 % | ||
| R1 | 116.88 | 3.00 % | ||
| Current price | 113.48 | |||
| Support | S1 | 112.27 | -1.07% | |
| S2 | 109.17 | -3.80% | ||
| S3 | 97.80 | -13.82% |
FAQ
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