Enphase Energy, leader in Solar & Green Energy Sector. Enphase has recently seen parabolic performance skyrocketing the stock to All Time Highs. While the stock is testing all time highs, it is still very overvalued with a P/e of 150.
The bear market has not taken its toll on Enphase yet, while it has been rising in this clear rising wedge. What I see: - A clear Double Top being Printed in Large Supply Zone - Rising Wedge - Overvalued - Hasn’t got Bear market hit yet
Risks : Earnings Growth Market Meltup rally Break above zone from possible cup & handle formation.
it's also up thousands of % in the last decade. too high without a significant correction.
ZachSap
⋅
@Emcee43 yep. this is part of my reasoning for it hasn’t been hit yet by the bear market. Solar i’m general. i’m a big contrarian, i’m willing to wait but i expect it.
arich1282
⋅
Your thoughts on it being a massive ascending triangle - there's actually a macro ascending triangle and a smaller one forming most recently
ZachSap
⋅
@arich1282 So, i include risks in my posts so people know what i’m watching for what could go wrong. i see those / a big cup and handle. so there are some bullish signals contradicting my thesis. so will watch those for selling for a loss.
MechanicalTrader13
⋅
what's been keeping this up?? oil?
ZachSap
⋅
@MechanicalTrader13, so Enphase is a solar green energy leader. solar in general has been outperforming the markets. Possibly as an alt to oil = passing legislation nationwide
MechanicalTrader13
⋅
@ZachSap democratic control had to have been priced in, now policy lock. cant hold unless oil runs hard. WO support from the dollar and OPEC volitily still in question... well I'm short. nothing to sustain it. even company PR is trickling worse than you.
ZachSap
⋅
@MechanicalTrader13, Sorry didnt get the noti of this reply! I completely agree with you. Nothing looks bullish for ENPH, not that im against it long term, but mid / short term here.. It looks great short opp! Been great talkin with u!