Wednesday, December 22, 2021 8:46:50 PM
ENZC's daily chart has been in breakdown for 8 days now. (Going by RSI.) Just like breakouts, breakdowns usually don't last long. The longest breakdown I've seen this year was 24 days, during which the ticker in question slipped into breakdown on the weekly chart and lost an additional 90% of its value. For ENZC, with so much red and nothing catalyzing until later in January, breaking down on the weekly is indeed a possibility, in which case that .02 short profit target my software keeps calculating may actually be a lot closer to the bottom than .054.
The gamble is, whenever this finally reverses, it has potential for at least a dead cat bounce that might pop pretty hard. It's way oversold and there's still a lot of retail interest to take advantage of the oversoldness to buy for a flip or to hold thru 2022.
Down here buyers' dollars stretch further. We're seeing slightly increased buy volume but real volume (buy or sell) hasn't come in yet. Price could keep trickling lower or suddenly move fast in either direction. Remember the rule "volume precedes price" ie higher volume can legitimize a security's price action.
Recent ENZC News
- Small Cap Recipient of Military Drone Technology • InvestorsHub NewsWire • 11/20/2023 01:14:45 PM
Kona Gold Beverages, Inc. Announces Strategic Initiatives and Corporate Direction Changes • KGKG • Aug 2, 2024 2:00 PM
POET and Luxshare Tech Expand Product Offerings for Artificial Intelligence Networks • POET • Aug 1, 2024 9:28 AM
Management Discusses Financial Filings of Global Arena Holding Inc., for 10-K 2023 and 10-Q, 1st Quarter 2024 • GAHC • Aug 1, 2024 9:14 AM
VAYK Announces LOI to Acquire $1 Million Home Service Company to Support Airbnb Business • VAYK • Aug 1, 2024 9:00 AM
Duane Forrester Joins INDEXR as SVP of Search • MONI • Jul 31, 2024 11:46 AM
Lingerie Fighting Championships Help Fulfill Death-Bed Promise With First Major Motion Picture • BOTY • Jul 31, 2024 9:00 AM