Enphase Energy $ENPH Trade Idea
Last Friday I entered a new trade on 
ENPH as we closed above the 50MA on daily candles.
The trade is profitable for now, my target is $124 in the short term and we might see a pullback over the next few days as the oscillators are showing overbought conditions.
We can also see the diagonal resistance level that has been in force for some time now, which lines up to that 124ish target.
In addition we could see the price fill the bullish gap quickly.
One thing to note is that MACD has crossed above the 0 line which might suggest continuation of the bullish momentum.
The moving averages are starting to slope up which also points to a potential further bullish momentum.
If the price pulls back to the 50MA I will likely add more contracts to this trade.
Hope this was helpful, follow me for more trade ideas.
Thank you,
BK
ENPH as we closed above the 50MA on daily candles.The trade is profitable for now, my target is $124 in the short term and we might see a pullback over the next few days as the oscillators are showing overbought conditions.
We can also see the diagonal resistance level that has been in force for some time now, which lines up to that 124ish target.
In addition we could see the price fill the bullish gap quickly.
One thing to note is that MACD has crossed above the 0 line which might suggest continuation of the bullish momentum.
The moving averages are starting to slope up which also points to a potential further bullish momentum.
If the price pulls back to the 50MA I will likely add more contracts to this trade.
Hope this was helpful, follow me for more trade ideas.
Thank you,
BK
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