Anavex Life Sciences Corp (AVXL)

[jimmy667]

After watching AVXL all day for two years, one would rather be more concerned with a morning surge on no news as it usually was a head fake and the stock would likely decline. Gainer days on no news often start with some consolidation in the morning.

This morning's consolidation is very healthy and actually quite comforting for the stock going forward. Mondays gains to the low $5.80s were consolidated (strengthened) by the retrace of Tuesdays consolidation day.
So what was left of Wednesday's candle to consolidation was the afternoons rise above the formerly consolidated low $5.80s.

You are right if the $5.80-$5.70 area does not hold the momentum is weakened but the uptrend would remain intact. One would think it would need to drop below $5.24ish to damage the uptrend.
There are only 420 open March $5.0 calls so I do not see that being a factor this expiration week.
Gook Luck and thanks for the good charting work.