Enzolytics Inc (ENZC)

[foxi]

If it's following the 4 month pattern noted here, IMO this run's just about over and price will soon be flirting with mid .04's again as sellers regain control. But does the past carry any weight? Not if something's fundamentally different this time. (And there's some indications ENZC has turned an important corner in its business since the last run.)

If there's lots of shares to dump, MMs might let the market breathe sometimes to foster interest and encourage retail to keep adding money. Volume analysis supports the idea somebody's been gently unloading all the way up and sold off another few tens of millions for their client at better prices than they got last month. I'd be surprised if MMs crash this tomorrow, and instead think they'll let it trade choppy to give more time to dump shares, before closing the week around .066 or .073 (important moving average cutoffs on the weekly chart). Biggest volume would come in when bulls fail the next rally, then this could dip hard in a week or so when buyers find themselves exhausted.

Admittedly, this run's been a little different than the past few, and in a good way. Check out the chart below and look at how past runs have behaved around the bollinger bands and 200 day moving average. So far this run's been well outside the bollinger with some spicier upward pressure. Wish we'd see big news from ENZC, but given the past history of these regularly spaced market corrections, it's possible this particular run isn't connected to ENZC's PR timeline at all.

Here's hoping something's different this time and this breaks decisively higher!


Daily chart, dark blue is 200 day moving average, dashed pink and light blue are bollinger bands.