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Enovix Corporation

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Technical Analysis of Enovix Corporation (ENVX)### Technical Analysis of Enovix Corporation (ENVX) #### Overview The chart shows the daily price movement of Enovix Corporation (ENVX) on the NASDAQ exchange. It features Fibonacci retracement levels, trend lines, and projected price paths indicating potential future movements. #### Fibonacci Retracement Levels The Fibonacci retracement levels are drawn from the swing low around early 2022 to the swing high later in the same year. The key levels identified are: - **0.236 (11.15 USD)** - **0.382 (13.99 USD)** - **0.5 (15.55 USD)** - **0.618 (17.57 USD)** - **0.786 (20.39 USD)** These levels can act as potential support and resistance zones. #### Current Price Action The current price is around **16.52 USD**, situated between the 0.5 Fibonacci retracement level (15.55 USD) and the 0.618 level (17.57 USD). The recent price action shows that the stock has rebounded from the 0.382 level (13.99 USD) and is testing the higher Fibonacci levels. #### Trend Lines The chart features a descending trend line from the highs in 2021, intersecting with the Fibonacci levels. There is also a shorter-term descending trend line providing additional context for potential resistance. #### Resistance Levels - **17.57 USD (0.618 Fibonacci level)** - **20.39 USD (0.786 Fibonacci level)** - **23.99 USD (swing high)** These levels are important to watch as potential resistance if the price continues to move upward. #### Support Levels - **15.55 USD (0.5 Fibonacci level)** - **13.99 USD (0.382 Fibonacci level)** - **11.15 USD (0.236 Fibonacci level)** These levels serve as crucial support zones in case of a price pullback. #### Projection The chart indicates a potential upward movement, with price projections suggesting a possible path towards 34.38 USD (1.618 Fibonacci extension level) by 2025. The projected path involves a series of higher highs and higher lows, indicating a bullish trend if these projections hold true. ### Conclusion Enovix Corporation (ENVX) is showing signs of a potential bullish reversal, with key support at 15.55 USD and resistance around 17.57 USD. Traders should monitor these levels for breakout or breakdown scenarios, considering the broader market trends and any significant news impacting the stock. ### Disclaimer This analysis is just an opinion and should not be considered as financial advice. Trading stocks involves risk, and you should do your own research or consult a financial advisor before making any investment decisions. Any profit or loss is the responsibility of the audience, and I do not take any responsibility in this regard.
NASDAQ:ENVXLong
by arblb1366
ENVX Strategy for next weekWe can see that price has surged due to positive news. headed towards a weekly sell side fair value gap, with a buy side faire value gap just on the extrimity of the red rectangle. So we swept all the stop buy orders and now potentially heading for the down side. We have also a weekly/daily order block that will serve as support. If you see the chart, on May 2nd we had good news, the price gapped up and came back to a daily order block before moving forward. How to trade : if price goes again into the red area on the daily tameframe, and closes again below it. we can short this, with a TP at the OB dashed line. if not, we can wait for the price to fall back to the OB dashed line, and bounce off of it before going long.
NASDAQ:ENVXShort
by Tskynome
3
failed to make higher highs -> how about higher lows?09/20 - NASDAQ:ENVX announced the acquisition of privately-held Routejade, an established Korean battery manufacturer for a total consideration of approximately 6.2 million shares of Enovix common stock and $16.5 million in cash assuming purchase of 100% of Routejade. The acquisition provides Enovix with vertical integration of electrode coating and battery pack manufacturing while adding an established lithium-ion battery business with factories in Korea, along with complementary products, customers, and suppliers. The transaction is expected to close in the fourth quarter of 2023 and be immediately accretive.
NASDAQ:ENVX
by KhanhC.Hoang
#ENVX Straddle /Trade PlanAccording to our observations a very large neutral position with exp date September, 15. Based on our team's research of the options market, we expect buy activity at the support level or sell activity at the resistance. We primarily consider levels to be activity zones, but not to be a super-fine level for establishing a limit order. Use them in combination with our own strategy, not in alone. We do the best research as we can to find new opportunities in the massive amount of information every day to help you make data-driven trading decision. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all!
NASDAQ:ENVX
by ClashChartsTeam
A price target of $50 is easy ... I'm betting for $500 long-termRecent demand overwhelming supply = Strong hands accumulation ... Now morphing into an IH&S base with measured target $50 on trigger ... Analyst forcasts via TipRanks: Based on 8 Wall Street analysts offering 12 month price targets for Enovix in the last 3 months. The average price target is $41.00 with a high forecast of $100.00 and a low forecast of $18.00. The average price target represents a 118.09% change from the last price of $18.80.
NASDAQ:ENVXLong
by KhanhC.Hoang
ENVX - ARMY Contract Maybe Undervalued* Meant to put this on the ENOVIX thread* A Couple things to note is Enovix has been on a steady rise and has had bullish catalyst released. It's on the hook to hit the next leg. Lame pun for the Hook showing on the chart pattern " Enovix said the agreement moves the program toward full volume production. The cells will be used to build pre-production CWB packs. The advanced silicon battery company said the deal is for it to produce commercial cells for use within U.S. Army soldier's central power source, called the Conformal Wearable Battery. " - MarketBeat This launched the stock price to $19 ON JULY 6TH. SPY being on an extreme bull run and new 52 week high ENVX following a similar pattern. ENVX, RSI on close to oversold, Williams showing the stock is curling. ENVX is currently aligned with SPY and have the same exact pattern It may run up with SPY so long as it remains bullish. I Expect it to touch at least $25 but theres a lot of turbulence up there as thats where it's been consolidating in the past. General consensus PT is $38. ENVX has an average rating of buy and price targets ranging from $15 to $100, according to analysts polled by Capital IQ. Trade Responsible, #TradeTheWave
NASDAQ:ENVXLong
by FinesseTheWave
Momentum will move ENVX back to its ATH before ChristmasThe recent spike in ENVX stock followed a purchase order from the U.S. Army. The latest purchase order is a positive step for Enovix as the company moves its U.S. Army program closer to full-volume production. The company is setting up the infrastructure for high-volume manufacturing and scaling its production. The company expects to produce 180,000 cells in 2023 from its Fab-1 facility. Further, the company recently announced that it has already achieved its Q2 production forecast of 18,000 units. Further, on the commercialization front, Enovix is progressing well with continued design wins. While the company is ready to scale, the broad applications of its battery technology continue to expand its TAM (total addressable market), offering significant growth opportunities ahead. ENVX’s battery technology has wide applications in consumer electronics, including wearables, mobile phones, and computing. Moreover, opportunities in new categories, including augmented reality, medical devices, and the lucrative EV (Electric Vehicle) market. According to TipRanks, ENVX stock has received seven unanimous Buy recommendations from top Wall Street analysts. Meanwhile, these analysts’ average price target of $45.67 implies 177.97% upside potential.
NASDAQ:ENVXLong
by KhanhC.Hoang
Roadmap for ENVX (Update)If ENVX advances, it will enter a fast moving area as shown on the one year chart between downtrend lines. Previous trend gaps and fast moving prices areas are shown in the rectangles. Will likely need a catalyst. Blue solid lines are established downtrends, green dotted lines are established uptrends. Both the uptrend and downtrend lines are established from equilibrium points, (not highs and lows). Thickness of lines illustrates strength of previous price action. Circles are the crossing of uptrend and downtrend, usually resulting in reactions.
NASDAQ:ENVX
by CrossfireTA
Learn why I'm bullish on $ENVXHere are some reasons I'm bullish on NASDAQ:ENVX (DYOR NFA): - Compelling use case and easily comprehensible product: ENVX offers an innovative, high-performance battery solution designed to power future devices more efficiently, safer, and for longer durations. - Experienced and accomplished team: ENVX benefits from a team of Silicon Valley veterans who possess deep expertise and a successful track record in the industry. This includes TJ Rodgers from NASDAQ:ENPH - Strong partnerships with reputable brands: ENVX has secured major partnerships with well-known companies, enhancing its credibility and market reach. - Establishing a formidable moat: ENVX has strategically built a strong competitive advantage through a combination of patents and specialized, custom, and costly equipment necessary for battery production, making it difficult for competitors to replicate their offerings. - Consistent flow of company news and updates: ENVX consistently communicates important milestones, achievements, and progress, ensuring transparency and fostering investor confidence. - Active and engaged Twitter community: ENVX community has a strong presence on Twitter and other social media platforms. Potential to be a wallstreetbets pick. - Potential for profitability and mass production within the next 1-2 years: ENVX is on track to achieve profitability and ramp up mass production in the near future, potentially leading to revenue growth. - Potential for widespread adoption: ENVX's superior battery technology positions them well for mass adoption, given the increasing demand for long-lasting and efficient power solutions in various industries. My biggest concern about ENVX is that they might not be able to deliver their product at scale and they might not become profitable.
NASDAQ:ENVXLong
by StockTrader6969696969
$ENVX A Path To Silicon HegemonyAfter reaching its quarterly production milestone earlier than expected, Enovix Corporation (NASDAQ: ENVX) ran 10%. Additionally, ENVX took another step toward mass-producing its batteries as it chose a site and hired a leadership team in Malaysia for its Fab-2 line. Meanwhile, ENVX stock is gaining investors’ interest lately following a short report that investors believe may be a malicious report from short sellers. With a high short interest, ENVX stock could be a short squeeze candidate to watch closely this week. ENVX Fundamentals Exceeding Production Targets Earlier this month, ENVX announced that it had reached its Q2 production target of 18,000 units with two weeks remaining in the quarter, which sent ENVX stock up more than 10%. This is the second time ENVX will exceed its forecast since it also exceeded its Q1 forecast by almost 40%. Furthermore, ENVX has chosen a Malaysian site for its Fab-2 ahead of schedule and has hired the leadership team as well as a team of 25 engineers, indicating that it may begin production earlier than the expected date in 2024, which will see ENVX exponentially increase its 2024 production. Malicious Short Report? On another note, a small Twitter account recently published a short report regarding ENVX stock on a newly made website. Some ENVX investors believe that this may be a malicious report from short sellers since ENVX is currently highly shorted, with 23% short interest and almost 32% of the float on loan, with the utilization rate remaining high at 100%. The short report may make investors rally behind the stock, which would add buying pressure on the short sellers and make the stock run. ENVX Financials In its Q1 2023 report, ENVX’s assets decreased 7% QoQ from $ 440 million to $410 million and its cash and cash equivalents decreased 9% QoQ from $322 million to $293 million. ENVX’s total liabilities increased by 16% QoQ from $84 million to $98 million. Operating costs increased almost 112% from $24 million to $51 million, which contributed to the operating loss increase of 152% YoY from $25 million to $63 million. As a result, ENVX reported a net loss of $73 million. Technical Analysis ENVX stock’s trend is neutral with the stock trading in a sideways channel between $13.20 and $14.34. It is also worth noting that the stock has recently broken its upper trendline and may enter a new channel. Looking at the indicators, the stock is trading above the 200, 50, and 21 MAs which are bullish indications. Meanwhile, the RSI is overbought at 75 and the MACD is bullish. As for the fundamentals, ENVX stock just witnessed a catalyst in ENVX reaching its Q2 production target early. ENVX exceeding the Q2 target and the increasing possibility of a short squeeze will be future catalysts for ENVX stock. ENVX Forecast ENVX reaching its quarterly targets early for the second consecutive quarter strengthens its chances of reaching its yearly target. Furthermore, it is planning to scale production after it has decided on a location for its Fab-2 and hired the leadership team as well as a team of 25 engineers for it. That, coupled with investors rallying behind ENVX stock due to the short report they deemed malicious makes ENVX a stock to keep an eye on.
NASDAQ:ENVX
by Penny_Stocks_Today