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Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>ENPH stock price is currently trading at $120.23 with a drop of 1.64% in the last 24 hours with Enphase Energy having a current market cap of $16.394 Million.</a> </li> 
 <li> <span>2</span> <a>ENPH stock price decreased by 12.00% over the past month.</a> </li> 
</ul> 
<p>ENPH stock price faced rejection from the upper levels and formed lower lows. It shows that the trend is in a downward direction and bears continue to dominate the higher levels. It formed a bearish pattern and the stock price has gone far away from the key moving averages. So, the pullback rally may trigger from the lower levels.&nbsp;</p> 
<p>Enphase Energy (NASDAQ: ENPH) stock fell throughout the year. It returned back to its crucial support level of $120. It will be interesting to see how the prices react near the support in the next few sessions. Technical analysis suggests the stock is oversold which means a relief rally may be seen at the lower levels.&nbsp;</p> 
<p>Enphase stock (NASDAQ: ENPH) price is in a correction phase but trading near the crucial support of $120. The bearish candle indicates sellers are active and will try their best to break the $120 level. Enphase stock price closed the previous session at $120.23 with an intraday loss of 1.64%.</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-of-enph-stock-price-in-1-d-timeframe-strong"><strong>Technical Analysis of ENPH Stock Price in 1-D Timeframe</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/UOhAVriP-NzL5JdYOonL3qhPGsAlfkt3xfuax7PN_EjzrxsxIHkGWQeG_BlnbcshCC-woeLh3oZFVyWayAhOS7vbn4iaujiNbhpEjN_JhVzk1N4NJs5eNwNclwtKyt45UqQN1vs1SjRdcNlAucvkskk" alt="ENPH Stock Tumbled 12%; Will Enphase Energy Drop below $120?"> 
  <figcaption class="wp-element-caption">
    Source: ENPH.1D.NASDAQ by<a href="https://www.tradingview.com/x/hUiyZX4H/" rel="noopener noreferrer nofollow"> TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>If the buyers succeed in defending the current support, then the possibility of a bounce-back will increase. However, if the sell-off continues and ENPH stock drops further, then further downfall is possible.</p> 
<p>Buyers tried multiple times to break the higher range and expand upwards. However, due to the strong presence of sellers, prices faced rejection. It shows sellers are still active on higher levels.</p> 
<p>ENPH <a href="https://www.thecoinrepublic.com/2023/08/29/enph-stock-price-prediction-will-enph-rise-from-the-ashes/" rel="noopener noreferrer nofollow">stock price</a> is trading below the downward-sloping 50-day and 200-day EMAs showcasing a downtrend. However, the ENPH price has gone far away from the EMAs. Due to this, buyers might come forward to push the prices higher. Sadly, the attempt was not successful and prices faced sharp rejection from the supply zone.&nbsp;</p> 
<p>However, if selling volume adds up, then the price might conquer supporting SMAs by making lower highs and lows. Hence, the Enphase stock price is expected to move downwards giving bearish views over the daily time frame chart.</p> 
<p>The current value of RSI is 29.67 points. The 14 SMA is above the median line at 31.33 points which indicates that the ENPH stock is bearish. The MACD generated a negative crossover; the histogram is also red indicating bearishness.</p> 
<h2 class="wp-block-heading" id="strong-what-the-weekly-charts-show-strong"><strong>What the Weekly Charts Show</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/kT3rvH6jWGZsq-R9tn1agx0AMSwietAz1Ko_VYOFBUZTp6hC5A6X4yx-i1GenyFaMzWZnjH8nCL5glRim2ZBFN7D4j4BCSH8r40_be3Sr7x-pLp7rTor51dJQoztsj60DKYsW0zf8806FSHR-d7TpIU" alt="ENPH Stock Tumbled 12%; Will Enphase Energy Drop below $120?"> 
  <figcaption class="wp-element-caption">
    Source: ENPH.Weekly. NASDAQ by TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>The weekly charts of Enphase stock reveal that the sellers have been dominant. The stock has been on a downtrend as it has broken below key EMAs. The technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 39. The MACD shows red bars and a bearish crossover. These signals indicate that the stock may face downward pressure in the coming weeks.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>Enphase Energy’s (NASDAQ: ENPH) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are highlighting adverse signs and imply that the downtrend may resume in the Enphase Energy stock price. ENPH stock Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support Levels:</strong> $113.77 and $101.00.</li> 
 <li><strong>Resistance Levels:</strong> $146.43 and $133.66.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading crypto or stock. Please do your own research before making any financial decisions.</p>

ENPH Stock Tumbled 12%; Will Enphase Energy Drop below $120?

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Thecoinrepublic.com

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