Jun. 6 at 5:36 PM
$ENPH Got temporarily pinned right under 20 day ema on no volume end day Friday. Watching for a 50 day test and maximum pressure fear from bears Monday and Tuesday. I am not a fan of its valuation but chart is following Elliott Wave technical theory. Catalyst wise I am looking for the wave of safe harbor demand leading right up into early July due to safe harbor deadline management explicitly told Wall Street in Q1 earnings call. I’d watch the strength in boarder markets as well. The indices did slice through the 20 day. Yet again I believe there will political tailwinds to have markets strong around July 4th but that’s just speculation. Going medium this may act as somewhat of hedge if Democrats take the midterms. Watch the volume on more weakness. There was a large block trade at the ask Friday evening. Probably repositioning after selling at
$72 a couple days earlier. I am saying neutral because it’s hard to be bullish or bearish atm.
