After reaching an important support level, Enphase Energy (ENPH - Free Report) could be a good stock pick from a technical perspective. ENPH surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
ENPH could be on the verge of another rally after moving 11.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider ENPH's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 10 higher, while the consensus estimate has increased too.
Investors may want to watch ENPH for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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After reaching an important support level, Enphase Energy (ENPH - Free Report) could be a good stock pick from a technical perspective. ENPH surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
The 20-day simple moving average is a popular trading tool. It provides a look back at a stock's price over a 20-day period, and is beneficial to short-term traders since it smooths out price fluctuations and provides more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
ENPH could be on the verge of another rally after moving 11.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
The bullish case solidifies once investors consider ENPH's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 10 higher, while the consensus estimate has increased too.
Investors may want to watch ENPH for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
See New Top 10 Stocks >>
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