Anavex Life Sciences Corp (AVXL)

[123tom]

falconer,your sentiment about AVXL....


sounds about right to me.
The latest technical charts Ive looked at do seem to show a strong base developed now around the 5.50/5.60 low.
below that is 5.30-5.00 which seems fading into the distance.
In the most recent wave movements, there were still some 1.00 plunges,80 cent plunges, which is a concern still, for traders, or folks looking for the best bargains to buy more, I think the price manipulation can still continue,from the right slam down point to the right support target, which might be something like 6.30 back to test 5.80 again, or it might be 7.00 back down to 6.00 ,its hard to know when and where,along the pattern.
so if there is option expiring on May 19, might that be a day to watch for a peak or a bottom. I'd like to understand the relationship between options timing and the technical chart as it plays out.
But at this moment, AVXL tries again to rally thru a resistance zone. reaching 6.10 today,with support steps below now at 5.70/5.80/5.90,and the 5 cent steps in between, the steps up are being taken, but there will come one resistance step that becomes a Cappinan glazg. it was 6.10 today....the problem technically in the current bounce, is that the real target to hit is 6.17, one more step up,but the MM's capped it a step lower,and then the late day sell off took it down a step. This describing of price points for you might be like gibberish, as are the scientific details that you describe can be for me, so you understand,the details can look too complex, the bottom line in my view,is that price action takes time to make its complete move in one direction,then makes its move in the other direction, to targets. sometimes the timing involves options or warrants expiration. or price being capped on purpose below a certain price,like 6 dollars, or 7.50 when that target gets close.
I agree with you that we aren't likely to see price bottoms back at 4 dollars and lower anymore. but IF there would somehow come any bad sounding fundamental news....we would see an immediate plunge down to 5 dollars at least and wallow around there maybe plunge again to 4.75 area. would we be likely to get any bad news coming ?
Dilution is another factor that would plunge price down to those bottom targets (5.00-4.40 area)

but unless that happens, the technical pattern is showing some bounce developing now, as long as the support steps around 5.80 area hold ok, then AVXL should be testing the next resistance steps, 6.17/6.30 and I'll wait to see what happens at 6.30 in the current cycle. It could get slammed back to 5.85 all over again. or it could hold at/above 6.00 and keep the rally going to retest 6.50-6.80 area

But as Clay trader says, have to just watch first things first, and the next step is to test 6.17,hold 6.00 then test 6.30, and hold 6.00 , and move on from there toward 7.00, and 7.50 .

First things First...target 6.30 (or not...)