ENPH continues to be on a tear in recent trading sessions, helped both by technical and macro factors. On the macro front, the headline risk of a trade war has finally receded as the US and China signed their trade deal in January 2020. This has helped to roll back some dark clouds as it relates to global trade flows, especially for geopolitically sensitive products such as semiconductors.
On the technical front, both the RSI and price level for
ENPH continue to be moving higher, within the Rising Channel, which bodes well for this stock. The final "Cherry on Top" from a technical perspective, is the fact that prices appear to have broke higher out of a "Bear Flag" pattern, which is a good sign that prices have more room to run.If these factors hold, we could see prices reach $35.11 ("Orange Weekly resistance Line") in the next coming days and weeks. However, if these bullish factors run out of steam, traders should be prepared to see prices fall back down to $27.70 level.
Note
Correction: Enphase Energy
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.