Enphase Stock Forecast
Enphase stock downgraded to Sell Candidate
(Updated on Apr 18, 2024)
The Enphase stock price fell by -2.57% on the last day (Thursday, 18th Apr 2024) from $112.05 to $109.17. During the last trading day the stock fluctuated 6.02% from a day low at $106.82 to a day high of $113.25. The price has fallen in 6 of the last 10 days and is down by -9.61% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -448 thousand shares and in total, 3 million shares were bought and sold for approximately $346.34 million.
The stock has broken the very wide and weak rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $109.57. A reaction back to this level may hold a second chance to get out before further falls.
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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 $114.64 and $117.87. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Friday, March 15, 2024, and so far it has risen 1.34%. 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).
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 $6.43 between high and low, or 6.02%. For the last week, the stock has had daily average volatility of 5.16%.
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 Friday 19th
For the upcoming trading day on Friday, 19th we expect Enphase Energy to open at $109.75, and during the day (based on 14 day Average True Range), to move between $102.77 and $115.57, which gives a possible trading interval of +/-$6.40 (+/-5.86%) up or down from last closing price. If Enphase Energy takes out the full calculated possible swing range there will be an estimated 11.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $107.15 (1.85%) than the resistance at $116.88 (7.06%), 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?
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 Buy to a Sell candidate.
Current score: -1.849 Sell Candidate Downgraded
Predicted Opening Price for Enphase Energy of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $109.75 ( 0.528%) | $109.17 |
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 | 116.18 | 6.42 % | |
| R2 | 113.72 | 4.17 % | ||
| R1 | 112.20 | 2.78 % | ||
| Current price: | 109.17 | |||
| Support | S1 | 107.29 | -1.72 % | |
| S2 | 105.77 | -3.11 % | ||
| S3 | 103.32 | -5.36 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 128.90 | 18.07 % | |
| R2 | 117.51 | 7.64 % | ||
| R1 | 116.88 | 7.06 % | ||
| Current price | 109.17 | |||
| Support | S1 | 107.15 | -1.85% | |
| S2 | 100.51 | -7.93% | ||
| S3 | 97.80 | -10.41% |
FAQ
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