Here’s another Solar stock we’re watching at SMM: $ENPH – September 6, 2022
ENPH SHLS ARRY
This is Scott with your Chart of the Day. Last week I talked about 2 solar stocks that I was watching, that’s SHLS ( NASDAQ: SHLS ) and Array ( NASDAQ: ARRY ). Those are still ones that I am watching, but another one caught my eye today and that is ENPH ( NASDAQ: ENPH ). In fact, the solar sector has some really nice bases underway right now that I can’t stop watching. I am just waiting for them to break out of the bases that they are in.
As you may have seen breakouts in this market have been tough. But I am not giving up hope yet, I have an alert on ENPH ( NASDAQ: ENPH ) right under the high from August the 8th. That was the top of this current sequence. We hit 308.88 and ever since then have been consolidating around the 8 and the 21-day exponential period moving average.
Now today, we did have a nice pickup in volume here so that is notable. I like the fact that in spite of the fact that the market was down this stock closed up “nearish” to its highs. But still, it’s in a base and so I am hesitant to front-run anything or get involved in anything that hasn’t yet broken out.
I have an alert just under this high at around 308.50 and I want to see if any Enphase ( NASDAQ: ENPH ) can get above, stay above, and do that on higher-than-average volume. Because that could tell me that this stock is finally moving out of this month-long consultative base.
So this is just a stock that I wanted to bring to your attention along with some of the other solar stocks that we are watching over at StockMarketMentor.com.
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