Enzolytics Inc (ENZC)

[foxi]

Sure! I've been awake too many hours but I'll do my best. :)

I use software that can automatically analyze pivot points in a chart, in combination with Fibonacci ratios, to help figure out where the support and resistance levels are likely to be. The algorithm is right more than it's wrong, but nothing is ever a guarantee, so I use this type of charting in combination with other metrics.

Fibonacci ratios are a commonly-occurring pattern that happens in nature, stocks, and many other places. This article explains them best:
https://www.investopedia.com/terms/f/fibonacciretracement.asp

In this chart of ENZC, the software has looked at various metrics (including Fibonacci ratios) and superimposed two uniform grids. The narrower grid is for Long entries, showing the calculated entry (L/E) and target point based on recent historic levels. The wider grid is for Short entries (S/E) and currently matches up with observable price performance. The big grid was off-target as a support line formed briefly around .13, but otherwise price has moved through each calculated level with brief rebounds on its way toward .02

We should maybe be seeing some support at current prices according to the wider grid. No support is bad, it shows a very strong bear trend. The algo calculates the next-best support level as .0522 which is very near the 200 week moving average. Imo that's the likely turning point - but a particularly bearish or manipulated run (like this is having) could drive a lot of extra downward momentum.

Notice the Long Entry is close to current prices. If this somehow reverses at current levels and breaks the nearest resistance, the algorithm thinks it's safe to buy above .079 which makes sense because this is way oversold and a strong momentum swing would most likely start a buying frenzy.

Lastly, I'll note that the left side of the chart shows a well defined Head & Shoulders pattern. The profit target for H&S here would be .11 - (.20 - .11) which is .11 - .09 = .02
https://www.investopedia.com/terms/h/head-shoulders.asp