Participating in a solar stock surge, Enphase Energy (ENPH) has returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since March.
A 7.4% gain yesterday propelled the shares up 95 spots to 52nd place. In the last month, the shares have climbed 281 places, rising up from the bottom of the red zone.
Since bottoming out in May, the technical picture for solar stock Enphase Energy has become increasingly brighter. Over the last few weeks, the shares have climbed back above their 50-day moving average, snapped a downtrend line, and completed two bullish Ascending Triangle patterns with breakouts over $150 and $175.
Initial upside resistance appears near the $200 round number, then previous highs in the $220-$225 zone and a measured $235. Initial support appears at the most recent breakout point near $175.
Enphase Energy (ENPH) has staged a big turnaround in the last month, rallying up off of $115.00, retracing its previous correction losses, completing a bullish Spread Triple Top breakout to call off a previous triple bottom, and snapping a downtrend line, all combining to signal that the shares have come under renewed accumulation.
Looking ahead on trend, initial upside resistance appears in the $196.50 to $200.00 area where a horizontal count and a round number converge, followed by the January peak near $216.95. Initial support appears near $171.05 where a retest of a recent breakout point and a 3-box reversal converge.
With its bullish SMAX score increasing to a perfect 10, ENPH is exhibiting strength across the asset classes.
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