Enphase Energy price buoyed by current support - Forecast today - 24-04-2024

Enphase Energy’s stock price (ENPH) rose in the intraday levels, after the support of $106.50 held on, lending the stock some positive momentum, alongside positive signals from the RSI after reaching oversold levels, with attempts to vent off such saturation.

The stock faces negative pressure by trading below the 50-day SMA, while being hurt recently by piercing the upward correctional trend line in the short term.

Therefore we expect the stock to return lower, targeting the first support at $93.50, provided the initial support of $106.50 was reliably breached. 

Trend forecast: Likely Bearish