ENPH Breaks Out And Looks Like A Key Leader
The solar sector has been heating up since this summer and Enphase Energy has been on my watchlist for a potential breakout. Over the last few weeks, ENPH has been acting really well as it formed the right side of its' base. It broke out today with heavy volume coming in which is a great sign of institutional demand.
Enphase has many of the characteristics of a big winning stock. First and foremost, it has a history of delivering strong earnings, especially in its' last two quarters when earnings grew by over 100%. Moreover, sales growth has been accelerating-another attribute of a potential leader. Finally, ENPH is in the solar sector which is currently in the top ten of IBD groups. This makes sense as rising energy costs make switching to solar an attractive option for many consumers.
To learn more about swing trading strategies, stock market trading, and how to trade cryptocurrencies, visit my course page.
Full Disclosure: I currently own ENPH.
Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.