Anavex Life Sciences Corp (AVXL)

[123tom]

not too hard to follow on the technical charts....
its a game of ping pong between support and resistance. around mathematic/algorithmic/computer programmed systems,and a rigged system that controls price action that way. If you watch the right combination of TA tools that work well for you, you can get some good clues,and be right much more than wrong.



It was a 'nice' rally from 3.30 to 4.30 and then ,decent support along the way ,every support step held, then the topping zone at 4.30 ,pulls back down today to the standard retrace zone ,looks kind of bad to see in one day. but the price point is the key target. The target zone I'm watching is 3.90-4.10 in the first support zone, below that a wider area 3.70-3.80-3.90.
Over head now is technical resistance at 4.10 area to watch carefully. Failure there might propel another downwave to try and test targets below 3.70,and rekindle a bearish sentiment once again.

BUT if bullish momentum can rally again, it needs to show strength breaking thru the 4.10 resistance, then 4.30 of course and try to target 4.60 and 4.85/5.00 big target zone where the 200ma and 50 ma are waiting . A Bigger short attack could generate there at the 5 dollar resistance, on this technical chart