A double bottom has been presented to us which appears to be a bullish dragon if it breaks above the downward sloping resistance line.
To strengthen our argument, the double bottom also shows us classic bullish divergence on the MACD and the RSI oscillators which implies higher price action.
This all makes sense if we forecast a bearish bat as it has...
After forming an ascending triangle ENPH made a lower high and broke the upward sloping support. After the break, it followed through with a back test of what was once support, turned into resistance. These are signs that the trend will continue to be bearish or sideways at best. the target is $73.71USD where it pivoted to make the previous local bottom.
Bullish Divergence on RSI and MACD but not at the desired levels yet.
Would like to see it drop to $153 where it would bounce of the support as confirmation before going higher. If it ends up going back to support, it would most likely create a new wave for double bullish divergence which could make the argument stronger.
Keep on your watchlist but not at the...
