Enzolytics Inc (ENZC)

[foxi]

Great call on today's close. From a charting perspective, here's some notes:

(see chart below)

Yesterday's engulfing green candle coincided with:
- the recent MACD crossover
- the crossover of the 9 day moving average (MA) with the 20 day.

Notice how the 9 day MA has been stuck under the 20 for a looong time. Often there's a pop or drop nearby a moving average crossover, especially the shorter ones which have less lag. RSI has also been oversold for an extended period, so we were overdue for a market correction as bulls retest resistance levels.

Bollinger bands are shown here as bold blue (midline) and dashed pink (bands). Yesterday's candle escaped the bollinger top band which is a bullish signal. Usually bears answer the next day, and there'll be a red candle as they deny the breakout. Then if trading is still near breakout level (ie bears are too weak), the breakout happens next. (In rare cases there are two sessions of flat trading in between.)

Today's candle stayed green and above the bollinger band, but trapped under the 50 MA. It resembles a "hanging man" candle with a long shadow showing bears made a strong attempt to pull this back but were (temporarily?) denied. Due to the long wick, today's candle suggests bulls may lose control of the market next session. The fact it's a green candle makes a Friday rally hopeful.

https://www.ig.com/us/trading-strategies/16-candlestick-patterns-every-trader-should-know-180615