ENZN
Enzon
(
ENZN |
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PowerRating) is a biopharmaceutical company that utilizes polyethylene
glycol
modification and single-chain antigen binding proteins. Yeah, same to you
pal!
I
don’t care what they do, I’m just looking for Fibonacci time and price analysis
to offer me a low-risk trade opportunity in the direction of the main trend.
(
ENZN |
Quote |
Chart |
News |
PowerRating) has been in a steady downtrend since late October 2001.
breather, and traded up into a key Fibonacci price resistance zone from
This price zone includes
nine price levels.
Four of those price levels are 100% price projections of previous upside
corrections since November. So, we know our key price decision point, now let’s
turn to the “time dimension†of ENZN. Based on our Fibonacci time analysis, I
see the potential for a high to be made between March 19 and March 21.
So
my formula is quite simple. Price is facing a major decision at a key
resistance level, while time analysis points to a potential top in the next
couple of days, in a stock that is in a downtrend. Now, I wait for a trigger to
short. My triggers typically come out of the 60-minute charts.
Whatever your
trigger, risk can be defined by the top of the price resistance cluster. If I
do get the opportunity to short ENZN, my objective will be the 1.272
retracement of the March 6 low to March 19 high (or the high set before
reversing lower). Currently that objective would be $38.83 based on today’s
high of $47.80.
If price trades up through this price zone, all bets are off.
That would suggest, at the least, a larger correction to the upside, or the
start of a new uptrend. Now, go find out what polyethylene glycol modification
is.
