Enzolytics Inc (ENZC)

[foxi]

TA in case anyone can use it:


I put some patterns on the 4h intraday chart below.

Bulls have had several favorable chart opportunities to push this higher. First is a cuphandle that failed to break out. That occurred within a symmetrical triangle that also failed to break out. After that came an inverse head & shoulders that also failed to break out. All of these are potentially bullish patterns but all of them failed to break out, showing weakness among bulls.

Now we're seeing lower highs and relatively steady lows as trading appears to be following a descending triangle, which is usually seen as bearish. This is similar to market behavior following many of ENZC's prior runs.

I expect to see this retest the low around .04 and bears to keep control in the short term. (Days to weeks.)



4h intraday, dark blue is 200 period moving average:





A few interesting notes on the weekly.

There's a Death Cross happening on the weekly (50 week MA crossing below 200 week MA). On the daily this would be a big deal (bearish), but I'm not sure how significant it is on the weekly due to how enormous the timescale is. 200 weeks is a whole lot of days.

Trading was actually following a falling wedge on the weekly (bullish), and ended up breaking higher. So, on the macro scale (ie weeks to months), there's a chance tides may be turning. Now if ENZC would drop some good news to catalyze this...


Weekly intraweek, light blue is 50 week and dark blue is 200 week moving average.