ENPH stock price shot up 16% and displayed initial signs of a bullish trend reversal. It breaks off the $90.00 hurdle level and fills the leftover gap formed after earnings.
Enphase Energy’s stock price took support near $73.00 and reversed upward with a high buying volume. It indicates some big investors might have turned bullish and expecting that the time for reversal has arrived.
In the middle of October, ENPH stock price almost collapsed 14% in a single day and slipped below $100. It triggered the panic sell-off and eroded a big portion of the market capitalization.
Enphase Energy Inc. released the Q3 earnings on October 26, 2023. It reported an EPS of $1.02 and revenue of $551.082 Million.
The company beat the EPS estimates by 1.14% but missed the revenue by 2.59%. Investors did not like the earnings and stock prices fell 14% after earnings.
In the last week, ENPH shares consolidated for some time near $80.00 and absorbed the selling. At present, stock prices have shown a minor bounce and buyers are trying their best to rebound.
ENPH Stock Price Analysis: Will the Recovery Continue?
ENPH stock price corrected approximately 33% in October and tested the multi-year low. The sellers are active on higher levels so the possibility of the V-shape recovery remains low.
The chart structure of the Enphase Energy stock is bearish and no strong signs of upward reversal are visible. However, the prices are oversold so the temporary pullback is much needed.
In the previous session, ENPH’s share price closed the previous session at $91.39 with an increase of 16.35%. The recent up move is supported by high volume so the recovery may continue for a few more weeks.
However, until the ENPH stock price breakout of the $103.00 hurdle, the sellers will remain active and try to give rejection.
Will Enphase Energy Stock Price Give Follow-Up?
Enphase Energy stock price formed a bullish engulfing candle on a weekly chart. In the coming few sessions, the buyers need to give the follow-up momentum. Else bears may again take over the control and restrict the upside.
Another probability is that the stock may begin to consolidate in the narrow range before continuing the recovery.
The RSI at 48 reverses upward from the overbought territory indicating mild bullishness. The MACD curve displayed a fresh positive crossover which is also favoring the bulls.
Conclusion
ENPH stock price surged 16% and showed signs of a bullish trend reversal. However, the short-term trend reversal will be confirmed when it breaks out of the $103.00 hurdle.
The analysis suggests that the recovery in the Enphase Energy stock price may continue and may regain the $100 mark by December end.
Technical levels
- Resistance levels: $103.57 and $115.51
- Support levels: $80.00 and $73.26
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/11/15/enph-stock-price-shot-up-16-will-it-regain-100-mark/