Enzolytics Inc (ENZC)

[foxi]

Some charts perspective:

I was away the whole weekend in a work crunch. Just getting back to this today. Looks pretty red.

Here are some chart observations I just made, for anyone curious.
Disclaimers:
- All charts are intraday since today is still ongoing.
- If if you don't think charts apply to this ticker, just ignore 'em. :)
- I'd love your feedback!
- News generally trumps charts.



Starting with the weekly chart, there's a definite pattern here. Every time ENZC gets near a low, it dead-cat bounces to the bollinger bands midline on higher volume. Then the market says "No" the next week, and we slowly ride it down another level.

This time, the bollinger bands are narrow, and MACD is a lot closer to retesting a crossover into green. It looks to me that, barring big news, we'll have at least one more cycle of this pattern before we have enough oomph to get into the top bollinger band. The setup IS there for that to happen this or next week and skip a longer wait, but with today's action I'm pretty skeptical.






On the hourly chart, if you look closely there's a head-and-shoulders reversal pattern that formed up Friday, completing the pattern in a decisive way with today's movement. Hourly RSI is reset to a cool, neutral 44ish and hourly MACD is about to either reflect upward or crossover downward.

Today's dip looks too severe to be profit taking, so this may get a mini-dead-cat bounce at the 200 hour moving average (dark blue line) to form the right shoulder of a wider head & shoulders, and if that pattern materializes we'll probably be seeing .06's and .05's again when that H&S reaches its conclusion.





This next chart is for volume analysis. Each pair of yellow bars is a daily session and the bright blue bars are the point of highest volume. Pink line is VWAP and generally things are bullish above it, bearish below it.

The Oscillator at the bottom of the image shows bears trading way outside the neutral zone in today's session. Interestingly, this is how aggressively bears were willing to sell when we thought someone was maybe dumping shares in the weeks before. Given the volume today at already almost 10 mil, I wouldn't be surprised if somebody is dumping shares to profit off the recent run, along with some retail panic selling.

Trading in the latest session is far below VWAP so bears are firmly in control, though this chart is intraday.