Enzolytics Inc (ENZC)

[foxi]

Thursday chart:

Trading slipped out of that triangle pattern and looks to be headed toward breakdown. It'd be awesome to see a rally Friday & Monday to form a double bottom at current levels, but I'm not holding my breath. (Plus the whole OTC is red.)

The price target for a breakout or breakdown from a symmetrical triangle is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point.
https://www.investopedia.com/terms/s/symmetricaltriangle.asp

According to that ^, the short profit target would be .16 - .0675 = .0925 subtracted from the breakdown point .0953 leaving the profit target .0028. There's no way in heck this is going back to trips before March, and stuff gets kinda compressed at these scales (often log math is more appropriate than linear), so if we can gather anything from the chart it's that we're on track to head lower & maybe revisit that .06 low. Watching MACD for the next couple days to see if it reflects upward or crosses into red.


Chart legend: dark blue is 200 day moving average, bold blue is 20 day moving average and the bollinger bands centerline. Bollinger bands are dashed pink.