Enzolytics Inc (ENZC)

[foxi]

The weekly chart closed with a weak red candle to answer last week's stronger red. This week's candle is known as a Long-Legged Doji and generally signals market indecision. It occurs near a strong support line at .0375 which can be shown by the weekly candle low on 12/21/2020. In this case it occurs following a strong downtrend, which may signal a pause in the downtrend for consolidation as the tall wicks suggest neither bears and bulls could maintain control.

Chart below.

In Japanese, "doji" (??? ??) means "the same thing," a reference to the rarity of having the open and close price for a security be exactly the same.
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Is a Doji Bullish or Bearish? A doji formation generally can be interpreted as a sign of indecision, meaning neither bulls nor bears can successfully take over.

https://www.investopedia.com/terms/d/doji.asp

A long-legged doji signals indecision about the future direction of the underlying security's price. Long-legged dojis may also mark the start of a consolidation period, where the price forms one or more long-legged dojis before moving into a tighter pattern or breaking out to form a new trend.

Long-legged doji candles are deemed to be most significant when they occur during a strong uptrend or downtrend. The long-legged doji suggests that the forces of supply and demand are nearing equilibrium and that a trend reversal may occur. This is because equilibrium or indecision means that the price is no longer pushing in the direction it once was. Sentiment may be changing.
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The pattern can be found across any time frame but has greater significance on longer-term charts as more participants contribute to its formation.
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Market Structure: The long-legged doji is more likely to give a valid signal if it appears near a major support or resistance level. For example, if the price is rising and then forms a long-legged doji near a major resistance level, this may increase the chances of the price experiencing a decline if the price drops below the long-legged doji low.

https://www.investopedia.com/terms/l/long-legged-doji.asp

Weekly chart. Dashed pink and light blue are bollinger bands, dark blue is 200 week moving average.







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