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Eh, I'm looking at a gap. (And illustrated it as well!)
Maybe this bounces tomorrow though! :) I was wrong about predicting the earlier momentum getting us further than .08ish!
GLTA!
There's a huge gap to fill at .0345 so I think this is going there next.
The volume profiles here are daily and the rollup on screen right shows levels for the last 90 days. It's a bit misleading because the gap is partially filled from this year's earlier run so I've included a year-long chart at the end of this post.
If you collapse the volume profiles since the end of the recent uptrend, it forms the shape of a lower case b. This is generally interpreted as bearish and signals a probable move lower. That plus the gap at .0345 suggests price will continue falling unless there's a catalyst for reversal like some big PR dropping ASAP.
GLTA
Tentative buy! Could also be a dead cat bounce.
https://www.investopedia.com/terms/d/deadcatbounce.asp
Is there known significant news in the pipeline other than pink current? Does this company have a history of dilution or toxic debt?
Imo, there's no question a lot of good things are in the pipeline and if they can get the lawsuit sorted out soon and deliver on their overdue milestones, company stock can quickly be valued much higher. So far ENZC has been way less scammy and dilutitive than most of the OTC.
Trading emotionally can cut both ways. Just as euphoria is at a high at the end of a long bull run, despair is at a high at the end of a long bear run. Keep measuring objectively. (And imo you raise some good points.)
Is it sad that I'm immediately looking for support and resistance lines in that splash arc of your champagne pic...haha!
My guess is the Nevada agency is representing Savov and IMMB.
The transfer agent for IMMB was listed as:
Pacific Stock Transfer Company Address 1: 4045 South Spencer Street, Suite 403 Address 2: Las Vegas, NV 89119
On July 15, 2021, an action was commenced against Dimitri Savov, a resident of Sofia, Bulgaria, in the Court of Chancery of the State of Delaware
The case is still listed as active:
(assuming I found the right one)
https://courtconnect.courts.delaware.gov/cc/cconnect/ck_public_qry_doct.cp_dktrpt_frames?backto=P&case_id=2021-0612&begin_date=&end_date=
I worry that this litigation is what's holding back news and possibly partnerships. It may be risky for the company to drop new PRs if those can be used in some way by the defense, and depending on what's at stake (maybe not just the disputed shares), potential partners might have hit the brakes until they see the case's outcome. Time will tell~!
Okay, thanks! :)
No problem, it inspired me to do more digging! :)
I see two OTC fillings that look like they pertain to the same time period:
Filed 8/23:
Quarterly Report - Quarterly Disclosure Statement Pursuant to the Pink Basic Disclosure Guidelines Financial Statements with Footnotes Financial Statements 6-30-2021
https://backend.otcmarkets.com/otcapi/company/financial-report/297979/content
Period end date: 06/30/2021
Filed today 8/31:
Quarterly Report - Quarterly Disclosure Statement Pursuant to the Pink Basic Disclosure Guidelines
https://backend.otcmarkets.com/otcapi/company/financial-report/300160/content
Period end date: 06/30/2021
The titles are nearly identical. The first filing mentions pending legal action initiated July 15, 2021. The second filing has no mention of legal action and the item for "Describe briefly any material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which the issuer or any of its subsidiaries is a party or of which any of their property is the subject." says none. Is this a question of disclosure timeframe (ie the lawsuit didn't happen until July 15), or semantics about "ordinary routine litigation", and in fact the lawsuit could still be happening? Or does the second filing imply the lawsuit has concluded? (Does anyone have a link where we could check the status of the lawsuit in court public records?)
I also don't see mention of either filing being audited. (The first filing explicitly says "unaudited")
Could someone help me understand what is the purpose of the two separate filings? Right now I'm assuming the two filings together comprise the quarterly report in total (and thus we have to consider them in combination for the 'full scoop')
Yes please elaborate! That could be big.
(Legal tangles and pink limited status are the only two reasons I'm bearish.)
You're welcome! RSI is at 69.87 on the hourly so breakout seems imminent. But the longest hourly breakout we've had since 6/8 was....6 hours. In all that time the hourly chart only broke out three times total, and both of the other breakouts lasted...1 hour!
I think this could run back to around .30 with good news. The chart setup is reminiscent of the run from late May. But back then the news was flowing strong, and right now (so far) it's radio silence.
Afaik there's no particular catalyst except maybe what MAGA_PATRIOT pointed out about the FINRA settlement dates.
Here's a chart with some observations. I'm mixed/bearish and watching tomorrow for news or confirmation of whichever trend. The good news for now is that price is back on top of the long term support line that was temporarily acting as resistance, which means significantly less risk of falling to a lower level compared to close yesterday.
A quick note about prices squeezing into triangle tips. The basic idea is that buyers and sellers are getting less willing to move out of the price range and more traders start waiting for a new trend to become obvious. Sometimes there's a "false breakout" where price escapes the triangle for a few candles and then jumps back inside. SO THAT SAID, today's trading moved price back into the big triangle formed by long term support and mid-term resistance, and the current trend is decisively upward -- so if bears get overwhelmed this could totally run awhile. (Watch tomorrow for confirmation.)
There was a huge gap to fill between yesterday's high of .052 and today's open at .058. (After hours a few shares traded hands and price moved drastically on near-zero volume.) Doesn't matter how high PPS went today, the market will naturally demand to fill such a gap to test how trading behaves at those missing levels.
Traders actually DIDN'T close the gap so we'll probably see price dip pretty hardcore on Monday. But once that gap is filled, LCLP could totally resume its run!
Today's candle on the daily chart is a big dramatic "shooting star." It's a bearish candle and could also signal the end of the run. Acquisition news is big and there's more in the pipeline, so hopefully it's just a temporary pullback. Also we can't confirm the candle means a changing trend until at least another full trading day. (It could rebound on Monday)
https://www.ig.com/us/trading-strategies/16-candlestick-patterns-every-trader-should-know-180615
If you don't know the answer, I highly recommend spending the weekend on Youtube crash coursing on how this stuff works! You can make a lot of money in the OTC market but you can lose a bunch too. Youtube is a free education!
Trading basics
Yes, in my opinion!
The low in the middle on July 2 is .014 which means the low of .0125 on July 30 can't be part of a pullback in an ongoing wave (because the later low is lower).
The high on August 10 is .0308, which is lower than the high of .0335 on July 6. So August 10 is not the continuation of a wave either because there aren't higher highs.
That leaves just the downtrend from 8/10-8/13 in question. It can't be the 1-2 part of an elliott wave if the elliott wave by definition doesn't start until it runs past the breakout point. (ie The highest high.) (It almost crossed above the breakout point on August 10, but didn't have enough momentum.)
It does, however run to a high of .0345 on 8/19 exceeding all other highs, and starts behaving like a complex wave from that time forward!
IMO when measuring any of the highs and lows, any new trend will run past those decisively. Software tries its best, but it's good to "eyeball it" too.
Thanks! Glad to see your charts as well! :)
RGBP's trading pattern from May to August was confusing to me when I first tried to plot the Elliott Waves. Trading during this timeframe has a definite wave-like motion to it, but my training (just youtube, lol) says that Elliott Waves have to be a part of an ascending or descending trend, and follow certain objective rules, otherwise you're looking at something not-an-Elliott wave.
What do you mean?
On my charting software, the full history goes back to September 2014. The stock reached $1 once during extreme volatility but more regular highs (at the end of big runs) include .25 and occasionally .35. It's historically traded flat (between runs) much lower than that. (.15 .12 .08 and .04 were popular prices at various points.)
RGBP's been in slow, steady decline for years before the stock became almost worthless in 2019. Things changed when a steady uptrend began emerging in late 2020. (The uptrend continues today, now that the company is in a hot industry and has shown measurable progress.)
All I can glean from historic prices is what levels might act as support or resistance today. (Levels that were previously support act as resistance now, since price is trading below them.) I don't want to look back too far in the past for other indicators because the company & market behavior has changed a lot since then! If this ticker gets above .50 then the historic chart tells me nothing about where it could go from there because there's no point in history to compare. "Uncharted territory" so to speak. :)
Does this mean ENZC is not currently in control of rights belonging to IMMB? Are those rights pertaining to the IMMB company or ITV-1 or patents or what?
From the filings DOGONE posted:
[Savov breached his promises about] Transferring all rights belonging to IMMB under a certain Sublicense agreement;
Thanks! And yes I would love to see this continue well above .12-.16 :) I think it easily could since mRNA tech is on fire and this company looks poised to execute on its patents and breakthroughs.
If all we get is pink current, imo people will probably take profits and force a cooloff. If RGBP has great news to drop at the same time as pink current, this could keep flying for awhile.
Considering the 4h chart, I think that the Elliott Waves are happening like this:
It looks to me like RGBP is still following a parabolic trajectory shown in this chart (several days ago!) by a user on stocktwits:
IMO, last week's run acted as the right side of a cuphandle with historic support around .04 from trading way back in 2017/2018. Thus the rules for cuphandles say we should see at least .040-.001=~.04 added to the breakout point as a profit target. (~.08 which is the April 2021 high.)
Depending on momentum and news, this week's ongoing run could ALSO serve as the right handle of an even bigger cuphandle with historic support around .08 which would take us to around .16 (.08-.001=~.08, added to the breakout point of .08) There are some articulation points in the past around .12 so that number instead could be a more conservative profit target to watch. Due to the parabolic trajectory I think at some point PPS will come crashing down hard as investors rush to take profits. (It's pretty critical to correctly identify buy/sell signals to avoid holding too long or selling prematurely! PPS changes quickly in a parabolic run.)
Further regarding Elliott Waves, in the big picture we may be looking at something like this:
So if I charted/interpreted this correctly, tentatively RGBP could run to anywhere around .12-.16 before cooling way off for a few months, then running again. Remember with Elliott Waves, the move from 2-3 can often provide the most sustained gains, and we may be in a situation where we have both a primary wave (a few months to years) and cycle wave (one to several years) simultaneously running the 2-3.
Elliott Waves:
For sure! ENZC is bringing the legal action, they are not the ones being sued. Hopefully the noise goes away soon and the company can keep its resources focused on creating mAb cures.
Truth! I don't doubt they tried their best to fix it behind the scenes so there'd be no impact to shareholders, before needing to disclose it on the filing. Nobody wants an official PR announcing a lawsuit.
Hopefully they get it sorted quickly.
Good point, I should have used neutral wording. It's in the appropriate section (notes) of the filing. What makes it feel "buried" is that it's on the last page of a quarterly financial filing following weeks of silence following a pulled PR. :P
I agree with your take that, if this is the hurdle Re: Lonza, adding extra legal pressure could help the issue go away faster.
It's buried in the financials on page 22:
https://backend.otcmarkets.com/otcapi/company/financial-report/297979/content
On July 15, 2021, an action was commenced against Dimitri Savov, a resident of Sofia, Bulgaria, in the Court of Chancery of the State of Delaware seeking a temporary restraining order, injunctive relief, a declaratory judgment and damages arising from illegitimate and false claims made by Mr. Savov regarding his purported ownership of stock in the Company. Additionally, Mr. Savov has made numerous defamatory statements about the Company and its Directors. These actions by Mr. Savov damaged the Company and constitute tortious interference with the Company’s current and prospective business relationships. The Company intends to pursue all available claims and remedies against Mr. Savov to the fullest extent permitted under the law and is in the process of filing a criminal complaint against Mr. Savov in Bulgaria. As 49% owner of IMMB BG, Enzolytics has assisted with the filing of forgery and fraud charges against Mr. Savov in Sofia earlier in the second quarter as well. The Company is working to mitigate the damages caused by Mr. Savov to relationships recently announced between the Company and other entities.
Enzolytics (OTCPK:ENZC) and Lonza Bioscience have signed an agreement to fast-track development and production of anti-HIV and anti-SARS-CoV-2 Monoclonal Antibodies.
Yeah, when I wrote that I wasn't up to speed with news regarding the lawsuit! I'd like to think Lonza didn't back away from any deals since a partnership with ENZC would most likely be mutually beneficial - but details are scarce, and surprise lawsuits could certainly cast a shadow over potential partnerships.
The lack of transparency is most alarming to me. If mistakes were made, no problem, but I would expect the company to own them and fix them. If there were unhappy surprises, I'd like to know! (Realistically though, if there's pending litigation, ENZC probably can't share all the details yet.)
Looking forward to getting some clarity, eventually.
Lonza didn't distance itself, it just said there were 'inaccuracies' which could blanket mean anything from 'the timing of this announcement isn't right, we want our partnership under wraps for now' to 'ENZC exaggerated details' to 'we're actually still negotiating about a future working relationship' etc. We can only speculate, but the fact that a PR was published and rescinded and weeks later there's been no official explanation from ENZC, leaves a bad taste for some investors.
It depends how you look at it and how 'big picture' you're looking. On one hand, it's trading at what should now be its low, atop strong support. So it's a great buying opportunity if you think we'll get good news or that the market will insist on a higher price.
On the other hand, we've had a continuing string of delayed news, no news, and arguably bad/botched news like not staying pink current or retracting the Lonza PR with no ENZC explanation. (Lonza spox said there were 'inaccuracies')
The chart looks like this and it shows trading squeezed into a triangle tip between support and resistance. One or the other is likely to give out in the next few days and so far we haven't had any good news. (Quite the opposite!) If support breaks, this goes to .10 or lower (a ~30% loss in value) and spooks or depresses a lot of investors.
I'm trying to find the bottom so I can get the right entry point because there's a huge difference in accumulated shares between buying at .20, .15 and .10. I typically do short term stuff (days and weeks) so the daily ticks matter more to me than certain others; if you typically trade over months and years this is an easy buy/hold at these prices because it could go down first, and you'd hold either way until the next big run. If I pick a bad entry point I'm forced to hold and my money is illiquid while other tickers are running.
(Chart from yesterday, there's another partial candle today not charted here)
I love this stock but recently the reward has been going down and the risk has been going up. Still a keeper imo, but it's not been a fun/profitable ride to this point.
I still believe whenever it finally pumps, it'll be a ride to remember. Gotta get through these growing pains first, I guess. :)
The yield sign comes at a time when the stock is already trading at the edge of a cliff. I really hope they fix it this week or it's extra gas for bears. :/
A couple more days of -5% and -10% and this goes right over that cliff. Support is holding for now, but oof. Really hoping for those announcements James Hicks teased at!
Oh, true that! Okay :)
If you look at a daily chart, we potentially have a Dark Cloud Cover candle which would be a decisive bearish reversal. We'll need to wait for tomorrow's close for confirmation of this scenario, because trading could rebound tomorrow instead. A bearish reversal is probable given this stock traded at a recent low and has a history of these false start pump and dumps. (And a history of dilution too, if I'm not mistaken. Somebody with a lot of shares historically sells into would-be runs and kills their momentum. Correct me if I'm wrong!)
https://www.ig.com/us/trading-strategies/16-candlestick-patterns-every-trader-should-know-180615
But remember the recent news pinning TOMDF as one of the only OTC players who make antibody tests that could confirm the need of covid booster shots, at a time when the push for covid booster shots is particularly hot - a potential trend-changing combination for TOMDF. What force wins in that scenario? Market hype in a rush to grab cheap shares, or the company/stakeholder seizing the opportunity to take more profitable dilution?
Here's how I got to my profit target of .07
(This approach works best only after the first run and pullback. See the explanation below the chart. Note the gap from yesterday's close to today's open. The market naturally wants to go there to test participation at those missing prices. :)
Charts candles are 30 minutes each to help show the gap and pullback!
I'm using a theory called Elliott Waves that suggests we may see a run consisting of three motives (uptrends) and two pullbacks (downtrends) before a new major trend emerges. If that's what's happening here, we are just finishing the first pullback and will trend higher this week, before another pullback and then one last high-risk/unknown-reward pump. If so, .10 seems a reasonable final target as it's a previous high. But there is strong resistance at the 200 day moving average at .047 so a rebound could stall there and then faceplant hard.
Elliott Waves aren't as easy to use as Alligator but here are videos explaining both if you're curious. Alligator lags a bit (fair warning) but right now it's still a Hold on the daily, Hold (or tentative Sell) on the hourly.
Elliott Waves
Same, lol. The good news is it stopped just below the bottom of that gap that needed to be filled.
Should hit at least .07 later in the week if it can bounce from here.
Was about to link that too! Good article. :)
Imo it'll go as low as .034 briefly and come back up to trade in the gap for a few days around .04.
Check this out though. This could totally go parabolic and hit .05 or higher in a day. (Probably whatever day it goes pink current.) https://stocktwits.com/Pampatrader2/message/370939112
Charts and indicators have a purpose, without referring to something technical you risk trading on emotion and that's how people lose money.
This is due for a pullback and there are some obvious tells. (Bearish candles on the daily, RSI curving down, AccDist showing overbought, gaps at .034 and .041)
Investors have to weigh those indicators against the possibility of pink current this week and some kind of accompanying PR. Good news and this keeps running, otherwise it'll consolidate.
This chart looks extremely bullish!
If you're not familiar with Elliott Waves, watch this video to get up to speed! My chart refers to it for terminology and wave categorization. If you ARE familiar with Elliott Waves and can help check my work, that would be awesome. :) Note that this is similar to what gypsy7 has been charting as well.
Interesting! Good find.
Nerding out on a weekend chart:
It's pretty dense so read it in sections. I welcome your feedback!
(Personally that aqua font makes my eyes bleed)
TLDR; I wouldn't be surprised if price pumps to about .15 on Monday, it depends on news/financials and how severe the dip is out the gate. GLTA and have a happy weekend! :)
Edit: same chart sans commentary (if you'd like it for comparison)
Good perspective! Right now ENZC is in breakout into red on the daily chart, with RSI lower than it's been in years. But that could leave bears exhausted when big news hits, since they'll have already sold their shares. :)
Breakouts don't usually last long and support is strong around .10-.11 which is the low from April-May. I expect the bleeding to stop soon and then it'll be a waiting game for news. Prices in the .10-.11 range would create a double bottom with April's low, which could set this up for trend reversal. Big news after that could definitely make this run hard.
https://www.investopedia.com/terms/d/doublebottom.asp
Nice! :)