Enphase Energy, Inc. (ENPH) moved lower in recent intraday trading, with the stock remaining under the control of a steep short-term bearish wave. Selling pressure continues as the stock trades below its 50-day Simple Moving Average (SMA), which is acting as dynamic resistance and limiting the prospects for a sustained recovery in the near term. Meanwhile, momentum indicators have moved into extremely overbought territory relative to the stock's price action, suggesting that a bearish divergence may be developing. A bearish crossover has also begun to emerge, further increasing the likelihood of additional downside.
Therefore, our outlook remains bearish for the stock's upcoming trading sessions, as long as resistance at $46.60 remains intact. Under this scenario, the stock is expected to target the support level at $35.00.
Today's price forecast: Bearish.