Enphase Attempts a BreakoutEnphase Energy has quietly emerged as a market leader in 2022. Is it now ready for a final run into yearend?
Notice how the solar-energy stock made a series of higher lows since mid-October. Prices remained below roughly $320, a previous closing high from September. The result was an ascending triangle, which ENPH escaped on Friday. That could signal a continuation of its bullish trend.
Second, MACD has remained positive for over a month.
Third, ENPH briefly dropped below its 50-day simple moving average SMA in early November but quickly recovered. The retest may confirm buyers are willing to defend its uptrend.
Finally, TradeStation data shows ENPH is the fourth-best performing member of the S&P 500 this year. (It trails only fossil-fuel rivals Occidental Petroleum , Hess and Marathon Petroleum .) That could make some momentum traders look for window dressing.
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