The Long Investor

$ENPH

Added 2024-06-30 01:54:57 +0000 UTC

$ENPH was in an ascending triangle and managed to test the yellow line three times at $140 and we were watching this closely, we needed to see a breakout of this level and flipping it to support before considering a position.

The price tested $140 and rejected and rejected quite heavily.

We can see that the price then dropped out of the ascending triangle and has now finished the week back on its 0.618 Fib again, so Wave 2 is not lost here but support needs to hold here or its back down to the previous low again.

Consolidating sidewards here is not a bad sign but losing the previous low will show weakness, for now, the impulse wave is still valid but bulls need to hold support.