Not everyone flies by charts in the OTC and that's understandable.
Here's the weekly chart (intraweek since it's only Wednesday!) after today's close.
The biggest notes are:
- Trading escaped that triangle range temporarily, but there was no rally or news catalyst to go higher. The general interpretation of the triangle pattern is bulls are steadily losing steam as bears crush prices toward a strong support line. Now that we've reached the triangle tip, bulls may be exhausted and bears may take over down to the next support line.
- This week had a company update that wasn't well received by all investors, and so far the market is reacting bearishly.
- This is also the week the chart is hitting what they call a Death Cross, the downward crossing of a slower moving average (200 week) by a faster moving average (20 week). I marked it on the chart with the pink arrow. Investopedia says the Death Cross is sometimes followed by a strong short term price rebound. https://www.investopedia.com/terms/d/deathcross.asp
- Weekly MACD was about to cross to the upside, but if selling continues this week it may reflect down for another bear phase (ie weeks of red). We have to wait until the end of the month to confirm on the weekly chart so that this candle and the next candle can fully form. It's so close to crossing, it could still cross next week which would be more bullish.
- Is there a known news catalyst that might hit soon and create a buying frenzy? ENZC said in its quarterly it won't be communicating any more details about mAbs plans or arrangements while there are patents pending. Some of ENZC's other ventures seem to be delayed. MMs may now be able to short this with lowered risk and keep the market moving.
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