Quick Take Technical Analysis: Enphase Energy, Inc

Enphase Energy, Inc ENPH broke up bullishly to a new all-time high of $237 on Friday, but ran into a group of sellers who knocked the stock down about 3%.

• By midafternoon, Enphase was holding above the previous all-time high of $229.04 made on Feb. 10, which is a good sign for the bulls.
• The stock is walking up the eight-day exponential moving average on the hourly-chart. Traders already in a position can use the level as a guide.
• If Enphase closes the trading session below the $232.50 level the long upper wick may indicate consolidation is needed.
• Consolidation would also help drop the stock’s relative strength index, which is measuring in at an uncomfortable 78%.
• There is a large gap below between the $183.38 and $204.04 levels, which may give bullish traders cause for concern because it is likely Enphase will trade down into the range in the future.
• The low volume on the daily chart on the break to new highs may indicate the top is in temporarily.
• There is support below at $210 and $196.

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