Enzolytics Inc (ENZC)

[foxi]

Briefly popped out of that falling wedge, but fell right back inside. The action looks to have served as a false breakout / bull trap and makes the overall chart a lot more bearish.

- Falling wedges have a decent track record of breaking to the upside. But they don't always.
- We're almost at the apex, so it's time for the market to move.
- Note how this gapped higher on Monday. The gap may have helped pull the market back.
- Can we expect any catalyzing news? ENZC seemed focused on long term plans with their latest PR.
- Why would there be another, stronger breakout right after the first one fizzed out?


For this to have been more bullish, I'd have liked to see yesterday's close be around .0435 so the candle would look to be resting atop the wedge. That would have given it a chance to springboard higher today. Instead, falling back into the wedge area suggests bulls are exhausted or unwilling to add more cash. Waiting for today's candle, and probably tomorrow's also, to close red to confirm. (Bulls might rally after they fill the gap.)

https://www.investopedia.com/terms/w/wedge.asp


Daily intraday. Dark blue is 200 day moving average.