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Possible Bearish Inside Day Candle Pattern Detected for Enzo Biochem, Inc. (:ENZ)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Enzo Biochem, Inc. (:ENZ) based on the price action in the company's shares. Yesterday's price range of $2.23 and $2.36 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Enzo Biochem, Inc. may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

There is potential upside of 144.4% for shares of Enzo Biochem, Inc. based on a current price of $2.25 and an average consensus analyst price target of $5.50. The stock should run into initial resistance at its 50-day moving average (MA) of $2.37 and subsequent resistance at its 200-day MA of $2.96.

In the past 52 weeks, Enzo Biochem, Inc. share prices have been bracketed by a low of $1.56 and a high of $4.85 and closed yesterday at $2.25, 44% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.7% while the 200-day MA has slid 0.6%.

SmarTrend is tracking the current trend status for Enzo Biochem, Inc. and will alert subscribers who have ENZ in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle :enz enzo biochem inc.

Ticker(s): ENZ