Enphase Energy Inc (ENPH) “On a long-term technical basis, the stock (ENPH) is trading above its 200-day moving average which generally implies it is in a positive trend. However, the stock has broken down through an important fibonacci fan trendline at 45.78 suggesting the next level of support is 41.80. The long-term uptrend has now turned neutral.

The stock has support at 41.80 and 38.79. If the stock breaks down through support at 41.80 then it will probably continue lower to 38.79. The stock will meet resistance at 45.78 and 49.65. If the stock breaks up through resistance at 45.78 then it will probably continue higher to 49.65. The 200-day moving average is at 34.58. This will also act as support. If the stock closes below 38.79 a negative trend change is probable. The stock could fall to the 200-day moving average at 34.58. The stock is extremely oversold according to the Stochastic Indicator (20.95), and turning up, which suggests a pause or possible rebound, especially if near support. Confirm this with the Short-Term and Daily Outlook to keep from exiting prematurely.”