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Wajeeh Khan

Enphase Energy Stock Just Shot Into Overbought Territory. Is It Too Late to Buy ENPH?

ENPH Enphase Enphase Energy United States RBC

Enphase Energy (ENPH) shares soared over 35% on Feb. 4, after the solar power specialist reported market-beating financials for Q4 and issued a surprisingly sunny outlook for the current quarter. The upward price movement pushed ENPH’s relative strength index (14-day) well into the 70s, indicating deeply overbought conditions that often trigger a significant selloff. 

Enphase stock is now trading at nearly twice its price in late November. Yet, many analysts recommend that investors stay strapped in because the solar firm is proving the inventory correction nightmare is finally in the rearview mirror. 

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