Enphase Keeps SlidingSolar-equipment provider Enphase Energy has been sliding all year, and some traders may see risk of further downside.
The first pattern on today’s chart is the falling trendline along the highs of December, April and June.
Second are a series of instances where old support became new resistance. For example, ENPH made a low of $262.60 in November and peaked near the same level in mid-January (without successfully closing above it). Similar price action occurred in February and mid-April versus the October low. June 2 also saw resistance at the April trough of $187.15.
Third, the 50-day simple moving average (SMA) had a “death cross” under the 200-day SMA in mid-February.
Finally, MACD turned lower against last week.
Will these considerations prompt traders to expect a test of the 2022 low around $113?
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