Enzolytics Inc (ENZC)

[foxi]

Not everyone flies by charts in the OTC and that's understandable.

Here's the daily chart after today's close, with some extra annotations.

Commentary:

- The overall pattern is a Descending Triangle which is bearish. We are now reaching the tip of the triangle, where the market must make a decision to break out of the pattern or get crushed down to a lower level. The interpretation of this pattern is that bulls are steadily losing steam as bears crush prices toward a strong support line. Trading below the dark blue 200 day moving average line helps confirm.

- There's a tiny red arrow on a red engulfing June 15 candle when the Fed last hiked the interest rate. They did the same thing today, by the same amount. Not sure if that'll be a factor tomorrow or not.

- RSI is very low and supports a breakdown.

- MACD just crossed over into bearish territory (red ticks) after a long weak series of green. You can see the downtrends that accompanied other such crossovers on this chart.

- Today's candle closed at the bottom of the Bollinger band (pink dashes) after reflecting off the midline. This makes it a retest and often breakouts or breakdowns happen on the retest.

- Bulls can try and rally since this is pretty much a triple (quadruple?) bottom in the mid .05s. Would help to have a significant news catalyst to help establish a new long term trend. People were anticipating news around the NDA here in July and July is ending with the company broadcasting that they intend to "work hard in silence." Petty bearish.

GLTA <3