Here’s the level Scott’s watching on $ENPH – November 17, 2022


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This is Scott with your Chart of the Day. We are looking at Enphase ( NASDAQ: ENPH ). There has been a bunch of chatter at about solar stocks today, and I have been watching Enphase ( NASDAQ: ENPH ).

As you can see it had a nice big gap up in July. It kind of just went sideways for a while; followed the market lower, but it was quick to recover and get back to the highs. Maybe you have previously heard me talk about paying attention to stocks that break down but then are quickly reverted near the highs, and Enphase ( NASDAQ: ENPH ) is one of those stocks.

We have a clear level of resistance at around that 324.00 level. There is resistance here, here, it couldn’t get above, couldn’t get above, and now we are just kind of right underneath. Now, today could have been a good day to start a position in Enphase ( NASDAQ: ENPH ), just a small one because you don’t want to be too big, in my opinion, during consolidation.

What I would look for here, yes, you want to pay attention to the 324.00 resistance here, but I also think you can bring it down a bit, tighten it up, look for a strong move through that 319.00 zone, and look for volume through that pivot. That is an area I will be watching Enphase ( NASDAQ: ENPH ) tomorrow.

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