With solar power related stocks attracting new interest, Enphase Energy, a producer of batteries and power management software, continued to rise up the rankings in the Green Favored Zone of the SIA S&P 500 Index Report. Yesterday, Enphase finished in 35th position, its highest rank since December, up 77 places on the day and up 335 spots in the last month.
Three weeks ago, a retreat in Enphase Energy (ENPH) shares bottomed out at a higher low near $140. Since then, the shares have been under renewed accumulation, steadily recovering, establishing a new upward trend of higher lows, and snapping out of a short-term downtrend.
While support has climbed up toward $180, ENPH is currently testing resistance at a long-term downtrend line. A close above the $200 round number would confirm the start of a new uptrend. Should that occur, next potential upside resistance tests may appear near $220 then $245 based on previous peaks.
Bouncing back from a recent selloff that bottomed out at a higher low, Enphase Energy (ENPH) recently completed a bullish Double Top breakout that called off a previous double bottom.
Currently challenging the $200.00 round number, next potential upside resistance levels for ENPH appear near $216.95, a previous column high, $234.80 based on a horizontal count, and $254.15, based on a vertical count. Initial support appears near $181.50 based on a 3-box reversal.
With a bullish SMAX score of 9, ENPH is exhibiting strength against the asset classes.
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