Big Pullback in Enphase Energy
Enphase Energy made a big move between early October and late November, ripping from $145 to a new record high above $280. Now after a healthy pullback, traders may start to notice.
The first pattern on today’s chart is the 50-day simple moving average (SMA), which ENPH tested yesterday for the first time since breaking out.
Next, the low was near the stock’s previous highs in January and February. Can old resistance become new support?
Third, the pullback dragged stochastics to an oversold condition. That could also make some investors think it’s due for a bounce.
Finally, ENPH is the largest holding in the
Invesco Solar ETF. TAN has been struggling this year following a big rally in 2020. But its 50-day SMA crossed above its 200-day SMA in mid-November – a potentially bullish “Golden Cross.”
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the 50-day simple moving average (SMA), which ENPH tested yesterday for the first time since breaking out.
Next, the low was near the stock’s previous highs in January and February. Can old resistance become new support?
Third, the pullback dragged stochastics to an oversold condition. That could also make some investors think it’s due for a bounce.
Finally, ENPH is the largest holding in the
Invesco Solar ETF. TAN has been struggling this year following a big rally in 2020. But its 50-day SMA crossed above its 200-day SMA in mid-November – a potentially bullish “Golden Cross.” TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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