Enzolytics Inc (ENZC)

[foxi]

Mixed signals on the charts. I think we'll see choppy trading ahead.


If bears make another push, good chance they get stopped at .035ish briefly. On the weekly chart below, look at all the doji candles (long wicks, tiny body) in the higher gap around .05. Many trading days of market indecision, waiting for ENZC to deliver news. The gap near .035 is narrower, but it's a good place for a (temporary) support line.

Also note the 9 week moving average is currently looking to have crossed above the 20, which would be a major difference from past months. Still two days left to close this week's candle, so a strong push down Thursday and Friday could keep the 9 below the 20 and be favorable for bears. (Watch for cliff drops Thursday and Friday!)

If support happens near .035, ENZC has a few extra weeks to produce a catalyst of some sort. Additionally if this is going to stair-step out of the long term downtrend, .035 would be a liftoff point for a run to .10. So, the big picture setup would still be decent. But we won't see a dime without news.


Intraweek weekly. Dashed pink are bollinger bands.








On the daily, what first looked like a descending triangle may actually be a falling wedge, which is usually seen as bullish. If bears fizzle, bulls may start another push as soon as Thursday, since Wednesday's candle just retested the wedge bottom. If bulls rally and break out of the wedge (around .0475), profit targets include .065 (an old gap on the daily, and the weekly bollinger top edge.)

But personally I think the bearish case is stronger, that the wedge is a nothingburger, and that we'll see low .03's and high .02's before long. Bulls have missed several opportunities recently under arguably better circumstances.

GLTA


Daily, showing the falling wedge:





Daily, additional notes: