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It's a gamble. Most of the tickers I watch are red today which is making short term momentum hard to gauge. I can't tell you to buy or sell but I don't see anything on the charts that says now is the time to buy. From my other DD I don't imagine we'll see news about the audit or the immunotherapy product which leaves mAbs news or surprise lawsuit news the main possibilities.
You can always buy after news with substance gets published, if you prefer to consolidate your risk of a bad entry now, into risk of lower profit potential later. Or go half now and half later to balance it out, etc.
Found this while looking for answers Re: the scope of exclusive distribution rights that are entangled in ENZC's lawsuit against Savov.
TLDR; is captured in the final paragraph of this lengthy post. :)
All emphasis my own, & all quotes are sourced from these two ENZC filings which cover the reporting period thru June 30 2021:
https://www.otcmarkets.com/otcapi/company/financial-report/300160/content
https://www.otcmarkets.com/otcapi/company/financial-report/297979/content
First, there are a lot of ENZC affiliates and subsidiaries involved, so let's sort those out:
Bioclonetics
On November 30, 2020, Enzolytics, Inc. (the “Company”) entered into a Business Combination Agreement with Bioclonetics Immunotherapeutics, Inc., (“Bioclonetics”) a Texas Corporation controlled by Charles S. Cotropia, the Company’s current Chief Executive Officer.
Pursuant to the terms of the Business Combination Agreement, on November 24, 2020, the Company formed two new Texas corporations as wholly-owned subsidiaries for the purpose of licensing certain patented technologies: Biogenysis, Inc. and Virogentics, Inc.
On November 16, 2020, the issuer (having been renamed, immediately prior to this Holding Company Reorganization, from “Enzolytics, Inc.” to “ENZC SUB, Inc.”) completed a corporate reorganization (the “Holding Company Reorganization”) pursuant to which ENZC SUB, Inc., as previously constituted (the “Predecessor”) became a direct, wholly-owned subsidiary of a newly formed Delaware corporation, Enzolytics, Inc. (the “Holding Company”), which became the successor issuer. In other words, the Holding Company is now the public entity. The Holding Company Reorganization was effected by a merger conducted pursuant to Section 251(g) of the Delaware General Corporation Law (the “DGCL”), which provides for the formation of a holding company without a vote of the stockholders of the constituent corporations.
B. Please list any subsidiaries, parents, or affiliated companies.
The Company is a 49% owner of the Bulgarian entity IMMB BG, which holds a sub-license agreement issued by ENZC for the proprietary immunotherapy treatment.
The Company is 100% owner of Biogenysis, Inc.
The Company is 100% owner of Virogentics, Inc.
The Company is 100% owner of ENZC Sub., Inc.The Company is 100% owner of BioClonetics Immunotherapy, Inc.
On June 22, 2017, Eco Petroleum Solutions, Inc. (OTC Markets "ECPO" or the “Company”) announces that IMMB BG, a subsidiary of Immunotech Laboratories, Inc., the Company’s subsidiary, has issued an exclusive Distribution Agreement (the “Agreement”) for the territory of the Ukraine to LLC Project Development and Implementation Centre Omega (“Omega”). The term of the agreement is for an initial ten-year period with an option to renew the agreement for an additional ten years. The Agreement establishes a price of €3,300 (Euros) per one 8-week cycle of injections or 16 vials. The treatment protocol requires two 8-week cycles of injections administered twice a week with a one-week break between cycles. The ITV-1 treatment will be administered with a combination of different variations of Protease Inhibitors used in the treatment of HIV/AIDS.
On November 30, 2020, Biogenysis, Inc., a wholly-owned subsidiary of Enzolytics, Inc., entered into a Patent License Agreement with Bioclonetics in order to license the U.S. Provisional Patent Application No. 63/078,482, filed September 15, 2020, entitled NOVEL HIV-BINDING PEPTIDES for treating, preventing and reducing the risks of HIV, including all patents issuing therefrom and any foreign counterparts thereof. On March 18, 2021, Biogenysis, Inc., a wholly-owned subsidiary of Enzolytics, Inc., entered into Patent License Agreements with inventors and Directions Joseph P. Cotropia and Gaurav Chandra, in order to license the U.S. Provisional Patent Application Nos. 63/152,084, filed February 22, 2021, entitled Human Immunodeficiency Virus (HIV) Antigens and Epitopes and Proteins that Bind Thereto and U.S. Application No. 63/152,084, filed February 22, 2021, entitled Coronavirus Antigens and Epitopes and Proteins that Bind Thereto, including all patents issuing therefrom and any foreign counterparts thereof. Also on November 30, 2020, Virogentics, Inc., a wholly-owned subsidiary of Enzolytics, Inc., entered into a Patent License Agreement with the Zhabilov Trust in order to license the U.S. Patent No. 7,479538, entitled Irreversibly - Inactivated pepsinogen fragment and Pharmaceutical composition the same for detecting preventing and treating HIV; U.S. Patent No. 8,066982, Irreversibly - Inactivated pepsinogen fragment and Pharmaceutical composition compressing the same for detecting preventing and treating HIV, including all patents issuing therefrom and any foreign counterparts thereof.
On February 22, 2021, the Company, along with its Bulgarian Partners, executed the Articles of Association to form International Medical Partners. The Company is a 50% owner of IMPL. Clinical Trial under the European Medicines Agency guidelines for the ITV-1 compound are being planned which the Bulgarian Partners are funding. The Company will be providing the necessary vials for testing. On May 7, 2021, the certificate of incumbency with the required apostil was received by IMPL and the final step necessary for the completion of the registration is in process. On March 16, 2021, the Company finalized the operational agreement with IMBL and a distribution agreement for the territories of the Member Countries of the European Medical Agency and the countries of Russia, Georgia, Ukraine, Moldova, Belarus, Armenia, Azerbaijan, Kazakhstan, Uzbekistan, Turkmenistan, Kyrgyzstan, Tajikistan, Estonia, Latvia, and Lithuania.
On May 12, 2021, the Company granted a distributorship license to a European pharma entity giving it the right to distribute the Company's anti-HIV-1 therapeutic ITV-1 in the countries of India, Pakistan, UAE, Indonesia, Philippines, Nigeria, Benin and Togo, Kenya, Tanzania, Rwanda, Libya, Uganda, North Sudan, Egypt, Morocco, and Tunisia. The Licensing Entity is the owner of a pharmaceutical plant in Eastern Europe. Pursuant to the Agreement, Enzolytics will receive $1 Million USD and 50% ownership in the Licensing Entity valued at $8 Million. The License is granted with a commitment by the Licensee to sale and distribute the ITV-1 therapeutic in the Licensed Territory. In addition, the Licensing Entity has invested $2 Million USD in the Company in exchange for Company Preferred Series E stock bringing to the Company $3 Million in cash plus a 50% ownership in the Licensing Entity. This agreement will result in establishing a committed partner for sale and distribution of the Company's ITV-1 therapeutic in the Licensed Territory as well as 50% ownership in Licensee and its profit derived from sales in the Licensed Territory.
On June 14, 2021 The Company announced the engagement by International Medical Partners Ltd (“IMPL”) of the Contract Research Organization (CRO) Clinical Design, Ltd and PharmaLex to prepare and establish a drug development program for the creation of protocols for human clinical trials that will lead to the licensing of the Company's ITV-1 therapeutic under the European Medicine Agency (EMA). The Company has contracted Danhson Ltd. To produce the initial quantities of ITV-1 to be used for preclinical and clinical trial purposes.
C. Describe the issuers’ principal products or services, and their markets. The Company’s products consist of two distinct drug development proprietary technologies: Immunotherapy and fully human monoclonal antibodies.
If you're watching the hourly, a lopsided head & shoulders reversal pattern appeared with today's high. This could go as low as .0077 as a natural reaction to that, and lower if everyone panic sells.
Decent support around .0077-.0081 though.
One of the discord groups went so far as to post wikipedia articles suggesting the price of such a hit. It's uncomfortable that people would rationalize such an action in an effort to make more money.
[edit: reworded this to avoid inflammatory language]
Yeah I'm curious about such a path. It would make sense if ENZC couldn't make money through mAbs/Clone3/other partnerships at all. ENZC has a ton of patents and IP that shouldn't be connected to Savov in any way and they stand to make more money locking up the 72M shares and going ham with their other tech while the industry is hot.
That is, unless the other drugs don't work or are years from trials and market! That's why I'm pretty eager for news on that front. :P
We don't have all the facts, so it's too early to say, but in a situation where Harry and Savov would have to slug it out in court for potentially years, perhaps they could settle out of court in a mutually agreeable way and everybody could profit.
If they stick to their guns, a bigger fish could offer to make it all go away by absorbing all the rights and all the baggage for a pretty penny, and everybody could profit.
Or Savov could have no defense and settle with ENZC out of court to protect his own butt, and everybody except Savov could profit.
There are positive paths forward, is what I'm getting at! ;)
I hope we get mAbs news soon.
One thought I keep having is that Savov mistook patent ownership with an exclusive distribution deal set up thru IMMB for the subsidiary IMMB BG. ie he 'thinks' he has patent ownership when he may indeed only make a claim to exclusive distribution rights. Harry's family trust is clearly listed by itself on the patent!
Savov claims here and here that he has a 51% stake in IMMB BG and a 15% stake in IMMB. A 51% stake would probably come with a controlling signature when entering or revoking agreements so if this is true, Savov might have to sign off on ending exclusive distribution rights for ITV-1 thru IMMB BG unless there was a breach of contract or some other exit clause available so Harry/ENZC could take the rights back without Savov's permission.
It's my understanding that IMMB or IMMB BG would have had some kind of exclusive and worldwide distribution agreement in place to be able to get ITV-1 to market in Europe or the US after clinical trials. So, not simply a non-exclusive contract regionally bound to, say, the country of Bulgaria.
Replace Savov's claim about the "patent" with one about "exclusive distribution rights" and it makes more sense.
Immunotech Laboratories Inc. (IMMB) owns 49% of Immunotech Laboratories BG and I, Dimitar Savov, own the other 51%! Immunotech Laboratories BG owns the patent for the medicinal product ITV-1 - ImmunH and has successfully conducted a clinical trial on 31 patients in "Professor Ivan Kirov" Hospital, Sofia, Bulgaria, European Union.
i. Transferring to Enzyolytics of 49% ownership interest in IMMB BG, a subsidiary of IMMB;
ii. Transferring all rights belonging to IMMB under a certain Sublicense agreement;
iii. Permitting and facilitating funding from IMMB BG to Enzolytics to pay for 1) vials for use in clinical trials 2) a validation order required by the Bulgarian Drug Agency.
For more than 5 years, the CEO of IMMB, Harry Zhabilov, has not organized the mandatory yearly shareholders meetings, has not made yearly balances of the company and has not conducted an audit of the company on purpose.
Immunotech Laboratories BG has signed long-term agreements with many big partners for the sale of millions of sets of ITV-1 for countries like Ukraine, Greece, Romania, Turkey, and others.
This is the part I'm not sure about:
61. Specifically, on or about July 20, 2021, Savov, without justification, sent an email to Creative Biolabs stating that Enzolytics was a “hollow company,” stating that “all patents of Harry Zhabilov [one of the founders of Enzolytics]” are the property of IMMB BG and Savov.
Thanks! I've been long at varying levels since I found this and am thoroughly in the red, with one liquidation in August to avoid even more red. Fortune should change with news. :)
GLTY!
Agreed. Maybe he thought he still controlled the 71M shares and didn't bring a lawsuit earlier, expecting to profit. Doesn't excuse his questionable actions after.
ENZC's item 57 from the list and I imagine they have convincing material to support it:
57. In the context of a claim for tortious interference with contractual relations, a plaintiff must allege facts showing (1) a valid contract, (2) about which the defendants have knowledge, (3) an intentional act by defendants that is a significant factor in causing the breach of the contract, (4) done without justification and (5) which causes injury.
If Savov has a legitimate claim, the correct process is to sue ENZC, not to contact partner companies and discredit ENZC. Unless Savov cannot sue in the states for some reason (what would be the reason?) and wants to force ENZC's hand.
Whether Savov has a claim or not, his actions look very hard to defend, since he didn't use proper channels.
To the other point, this is already hurting ENZC's milestones due to the failed partnerships. This is an opportunity for ENZC to secure or disclose new partnerships for the mAbs patents that afaik aren't entangled.
That or he has some kind of claim. We don't know yet.
High stakes for sure! I'm kinda betting on team Charles but this lawsuit is still quite the speed bump.
It seems more responsible to reassure shareholders and at least say there are delays, treading water, etc. Silence is a bad look.
The clock hasn't run out yet and we could still get a nice PR.
Here's the full text. Looks to be new info as of an hour ago. Market hasn't shown any reaction yet.
They added claims:
1. Tortious Interference with contractual relations
2. Defamation
Tortious Interference with Contractual Relations
56. Enzolytics repeats and realleges the allegations of the foregoing paragraphs as if fully set forth herein.
57. In the context of a claim for tortious interference with contractual relations, a plaintiff must allege facts showing (1) a valid contract, (2) about which the defendants have knowledge, (3) an intentional act by defendants that is a significant factor in causing the breach of the contract, (4) done without justification and (5) which causes injury.
58. Enzolytics and a third-party, Creative Biolabs, had previously entered into a cooperation agreement, whereby the two entities would collaborate in the development of monoclonal antibodies.
59. Savov knew about this cooperation agreement.
60. Savov intentionally contacted Creative Biolabs with the intent to cause Creative Biolabs to cancel the cooperation agreement between Enzolytics and Enzolytics.
61. Specifically, on or about July 20, 2021, Savov, without justification, sent an email to Creative Biolabs stating that Enzolytics was a “hollow company,” stating that “all patents of Harry Zhabilov [one of the founders of Enzolytics]” are the property of IMMB BG and Savov.
62. On July 20, 2021, in response to the correspondence from Savov, Creative Biolabs informed Enzolytics that in order to protect its own company reputation, that it was requesting that Enzolytics suspend any press releases reading the cooperation agreement between Enzolytics and Creative Biolabs until Creative Biolabs could “figure out the situation.”
63. Thereafter, as a direct and proximate result of the statements made by Savov to Creative Biolabs, Creative Biolabs terminated the cooperation agreement with Enzolytics on July 21, 2021.
64. Prior to this incident, Enzolytics and Creative Biolabs had worked together for years.
65. Savov’s actions were done without justification and caused Enzolytics to suffer injury in the form of the cancellation and termination of the cooperation agreement by Creative Biolabs.
66. Upon information and belief, Savov’s conduct is not limited to the relationship between Enzolytics and Creative Biolabs.
67. Upon information and belief, Savov has intentionally interfered and continues to interfere with the contractual relations between Enzolytics and other third-parties. Enzolytics’ investigation is continuing.
68. As a direct and proximate result of Savov’s intentional interference with the contractual relations between Enzolytics and other third-parties, Enzolytics has suffered, and will continue to suffer damages.
DEFAMATION
69. Enzolytics repeats and realleges the allegations of the foregoing paragraphs as if fully set forth herein.
70. The aforementioned statements made by Savov to Creative Biolabs on July 20, 2021 regarding Enzolytics are false.
71. Savov’s false statements refer to Enzolytics.
72. Savov’s false statements were published by Savov to third parties.
73. Savov’s statements are false and defamatory.
74. Savov made such defamatory statements with the knowledge that they were false and/or with reckless disregard for the truth and with the intent to damage Enzolytics.
75. Upon information and belief, Savov has made numerous defamatory statements regarding Enzolytics to third-parties, other than Creative Biolabs. Enzolytics’ investigation is continuing.
76. Savov’s defamatory statements have harmed and continue to harm Enzolytics, causing it to suffer financial loss by way of relationships that have been terminated as a result, including but not limited to the cooperation agreement with Creative Biolabs.
77. Savov’s defamatory statements lowered and continue to lower Enzolytics in the estimation of business associates and potential business associates, and have deterred third parties from associating or dealing with Enzolytics. This was Savov’s intent.
78. As a result of Savov’s defamatory statements, third parties, including, without limitation, business associates and potential business associates have been deterred from associating or doing business with Enzolytics. This was Savov’s intent.
79. As a result of Savov’s defamatory statements, Enzolytics has suffered lost business, money, business associates and potential business associates. This was Savov’s intent.
80. As a direct and proximate result of Savov’s defamatory statements, Enzolytics has suffered, and will continue to suffer damages. This was Savov’s intent.
Well this isn't necessarily anything new, we knew already that Savov made such claims and we know ENZC is disputing them in the lawsuit. What's sucky is that it could maybe possibly hold up ITV-1 related news or partnerships until the lawsuit is settled. (How long? Days, weeks, months?)
ITV-1 is one of ENZC's flagship products so long delays could be a big hit to onwards and upwards.
But ENZC also has mAbs and patents on mAbs which afaik shouldn't be implicated. So do we get news on mAbs soon? Study results? Partnerships around that? etc. It's good that there are multiple irons in the fire.
Is this coming from discord? I just took this screencap, which I assume is taken from the legal documents in the Savov case. No idea if this is new info or just somebody digging around.
Item 61 is interesting and we need a clear answer because it implicates ITV-1. (Obviously ENZC is disputing this in the lawsuit.)
If these sites are at all accurate, ENZC is getting shorted like 50% of volume nearly every day. (Even the green days.)
https://www.shortvolume.com/?t=enzc
https://www.otcshortreport.com/company/ENZC
I tend to stay away from "short squeeze" forecasts after Gamestop et al, but it's still a data point worth noting. In practice, it seems MMs can just naked short to infinity and overwhelm most markets, and/or things aren't as shorted as they seem. For example the other half of volume might be them covering a few cents lower after they trigger a mini-breakdown to pick retail's pocket.
EDIT: Am I reading this right that the latest short interest report included 6,668,872 shorted shares? That's only $750,248 to cover at current prices then, potentially double or more in a surprise breakout after catalyzing news. So probably not much of a short squeeze scenario at play though MMs covering shorts could still add momentum in a big run.
https://www.otcmarkets.com/stock/enzc/quote#short-interest
Watching this for signs of life. Some interesting stuff happening now.
Fibonacci retracements show pullback to approx the 61.8%-78.6% levels where it's trying to find support. This is a little low but commonly you'll see support for another run form around 61.8% if it's gonna. https://www.investopedia.com/terms/f/fibonacciretracement.asp
You DO NOT want to rely on Fib Retracements alone because they are argued to be a numerical anomaly not grounded in logical proof. Nevertheless if other charting indicators agree, it can be a useful thing to watch for an upcoming momentum swing.
The other thing I put in the chart is volume profile showing daily sessions. Price is trading below VWAP (the pink line) and until it decidedly crosses over and stays over, the current trend stays bearish. In VolumeZoneOscillator, notice how far bears are willing to move (three zones!) off the zero and how consistent the selling level is. This screams that someone (company insiders?) is dragging this down with strong dilution or distribution. The gains are the market trying to breathe between the intensive selling. As soon as selling starts, it's a constant three levels out of zone, and as soon as it stops, bullish momentum starts to build, rinse repeat.
IMO whoever this is wants to manipulate price so the charts appeal to technical traders, to drive the stock higher so they can get price back up toward $5-7 or higher to continue picking the pockets of a new round of bagholders. If you can avoid being a bagholder you can potentially take advantage of a second run.
In that scenario there would be flippers with regular profit taking along the way as technical traders avoid being bagholders, so these runs would only last a couple days each before another pullback. If this goes into an up channel, it would bounce between higher highs and higher lows every week until the pattern breaks. Swing trader's dream. :)
Intraday charts:
Weakening trend as bears make a strong attempt to rally. Some indicators faltering. But it's not necessarily bad news, volume profile analysis shows the whole range from .14 to .155 needs consolidation.
Watching to see if this is the low. If it falls significantly lower late day, it triggers stop loss indicators for a false breakout yesterday from the overarching bearish triangle. (Chart 2 from here, or direct image)
It's also feasible this could come all the way down and bounce off the top of the triangle, in which case we'd see a big selloff before finding support around .1345-.137 for another leg up. This is getting interesting as a false breakout from that triangle to the upside could rocket back down for the real breakout to the downside, and never find support. We'll need to pay close attention in the next few sessions but I personally expect support at current levels to hold.
If I'm reading it right, 83M shares would be about a 10% increase to the OS.
https://www.otcmarkets.com/stock/psru/security
But the scary number is the total authorized (5 billion) compared to the OS (a little under one billion)
Some dilution is healthy - a growing company needs to raise operating cash from somewhere, no reason they shouldn't profit when SP goes up along with shareholders and it saves raising money thru a loan. It's only bad if they get greedy and habitually squash runs.
With that massive amount authorized, I'm more concerned with dilution after the NFT markeplace launch. (When share price will most likely be way higher.)
Oh yeah, totally forgot about that! It's stickied here too. OTC is popping off, lots to keep up with! :) Haha
The Cinevision Global LOI comes as Fungy's NFT marketplace looks to launch within the next few weeks.
Gotcha! Flipping it at the top is a smart move for swing traders, pointless for longs. If this is in an upward channel and not diluted or manipulated, it'll most likely drift to the bottom and naturally run again next weekend-ish to set the next high.
Edit: looks like there is indeed a potential catalyst in the near future https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166048842
The current pattern I see on the hourly chart is a megaphone, which is known to be volatile and risky trading. This pattern has been showing up all over the OTC in the last few days.
For this to mean anything, price needs to hold at support around .0109 and bulls need to make a rally.
Two outcomes if this happens:
- price gets about halfway up the megaphone to around .013 and stalls out, forming the right shoulder of a a Head & Shoulders reversal pattern on the chart.
- price goes all the way to the top and likely breaks out on point 5. I've seen two out of three tickers do this in the last few days.
Notice the overall pattern is an upward channel. Support is currently at the halfway point which means it has a good chance of breaking out if it can retest the top.
Does anyone know if there's any pending event or catalyzing news? That'd help its chances a lot!
Jan 25, 2021? Maybe it was huge then!
Cool, thanks!
Also, everything I said there is in the context of my trading style (swing trading!) The same concepts apply if you prefer trading by weeks or months. Just substitute your preferred time periods accordingly. The nice thing about using longer time periods is you don't have to stare at 1h charts all day! In OTC land it sure seems like stuff moves fast though.
I try to make the final decision to invest or not using the daily, but I mainly use the hourly to decide where to enter when the daily's looking promising. (You get one candle of information on the daily but 8 on the hourly!)
Retail traders with under $25k cash balance are allowed three day trades in a rolling 5 business days period. So you can see a reversal situation or possible bull trend forming on the daily, watch a few hourly candles for confirmation, and have a pretty safe buy assuming your indicators are sending clear buy signals with a panic sell if needed.
If you're watching hourly MACD, you might watch for an entry once you get three or four dark ticks after a long run of bright reds, or wait for the crossover to confirm that it's not going to bounce back down off the moving average line. When a new trend is forming, the shorter term charts (eg hourly, 4h) will do a MACD crossover and send buy signals before the longer term charts (eg daily, monthly) do. Usually you will see agreement down to about the 1h chart, but lower than that the trends fluctuate too much to be reliable.
Most likely Alligator will NOT be signalling to buy until MACD finishes a crossover, but pick your favorite tools to watch for momentum swings to give yourself early warning something's coming up. :)
When I'm buying higher in a run, or a dip after a pullback, I'll go as close as the minute charts and watch my triple-stacked MACD for momentum. Some of this is gambling and gut feel and it's very possible to get burned. A safer bet is to check for momentum swings happening on the 30m or 15m chart, but still consider the hourly for your actual entry. It's a trade off between getting in low enough to help you get out without losses if the run falters, and actually knowing there is indeed a viable run starting! It's not worth wasting time on minute runs, ideally you find the runs that last for several hours.
Thanks! :) Yes .0275 or lower would be a better entry. I have a strategy to help mitigate risk when buying this high in a run, but it's certainly more of a gamble after it's already made strong moves! XD GLTY
Thanks for the tips! FDVRF looks like it's headed back down now but I'll keep an eye on it in case it runs later. Unless it finds support quickly, it almost certainly ends under a dollar again. If the company dilutes and there's no news in the pipeline, these higher prices would be tempting to sell into. :P
I appreciate the invite to telegram, I try to keep that account separate from my work and investing. But hit me up on iHub anytime! <3 GLTY
Thank you! :) This wasn't on my radar at all prior to today.
Sounds good! I nabbed a few EOD and will see what happens. This is an exciting time for the OTC because of all the companies trying to get pink current - but I've been in several that get there and crash hard once people discover there's no actual news in the pipeline.
Closed green around .145 so it's well positioned to continue running. Need the full daily candle tomorrow (or an obvious continuation) to confirm a new short term bull trend.
I expect some head fakes from MMs tomorrow, but it's a non issue if buyers can keep up the pressure. Could see it close flat tomorrow and that outcome would still be bullish.
GLTA!
My chart is also showing a couple of those resistance levels you noted. (.065 and .075)
Is there a DD packet a mod could sticky? Some quick DD shows this company has a couple of interesting products in the works (and the covid breathalyzer would be a hot item) after the Sensortecnics acquisition but there's been no official news for months.
If this is moving purely on technicals and the idea of going pink current soon, I'm not sure if that's enough to make it fly? Is there any known news in the pipeline? Today's movement looks to be a megaphone breakout and it's been hovering near one of the profit targets.
BeforeItsNews alerted me to this one, might grab a few shares if it continues running. Thanks! <3
ENZC is notorious for short lived breakouts, gotta wait for end of day to see what it does.
The volume gap has closed at .15, but there's still some fill-in to do around .145
If it closes around .138 then I'm worried, otherwise this is looking pretty strong! Technically speaking, we need both today and tomorrow's close to confirm breakout. There IS such a thing as a false breakout and so far this is moving without news.
I'm staring at the volume profile as there's two small gaps to fill near .145 and .15. I think it stalls out there temporarily to fill in some volume as people make up their minds. The day isn't over but all the indicators so far are saying the new trend is decidedly up. :)
.145 is the resistance point, .15 is far enough above it to be considered a breakout buy.
I'm personally of the opinion that the hype surrounding this stock is stronger than the frustration people feel seeing it stay mostly red. Am kind of doubting we'll get news soon but price could go up organically as MMs lose control of any sudden buying pressure, which would also help convince any longs who might be on the fence to hold.
ENZC is only getting more attention and I'm not seeing much in the way of smear news & bashing, compared to hope & hype. mAbs for covid are a hot commodity. Just the possibility that ENZC will have good news about mAbs tech keeps the hype train rolling. Plus all the possibilities around ITV-1.
The charts aren't meant to scare, only to report where it's at. MMs would absolutely love for trading to fall out the bottom of that triangle even a little, as they would be scooping up all the shares. So I am trying to keep an eye out for who might get such a selloff started and who might get roped in. I know the longs on this board generally want to hold (and Catpole made a great observation that longs who took profits have probably been averaging down) but who knows about longs in general. A few spooked longs have potentially a large supply of shares at play when buyers haven't been able to raise the price with the current supply. Tax incentives alone aren't a great reason to sell, but they could help people with many shares rationalize selling in a panic if this falls through.
Ran out of time to do charts after work,
This is a 50/50 play for tomorrow. With the info available at present, I think if this goes up next it'll be short lived & potentially risky trading. I'm still liking 3.84, 4.19, 5.60 and 6.55 as possible profit targets but the former two seem most realistic. Entry would be 3.50 or above and it has to break past 3.70 to really be golden, so it's potentially lowish reward.
I'm seeing faltering signals on the hourly that suggest it could go down instead. Need more candles to confirm. That symmetric triangle on my last chart reaches the convergence point sometime Wednesday so we'll have our answer pretty soon.
GLTA!