Anavex Life Sciences Corp (AVXL)

[123tom]

I am tending to agree now....


the chart is setting up in a bullish flag if it can hang here around 6.05-6.10-6.15 and develop this next launch pad, like the one that broke above 5.75, would be positive to do this again from here now, maybe around 6 dollars.



The pullback zone in this small rally wave (from 5.60-6.26) has this pullback zone around 6.00-5.90-5.85 area.Maybe 6 will hold. Nobody can proclaim that it will or wont. Its all a best guess. Today it held at 6.03. Tomorrow it could plunge down to hit 5.93,or it could start basing around 6.10/6.15/maybe 6.08...and look more bullish this week. But anything can generate some volatility this week. a Precisely timed A.F. Tweet Bash on Friday morning, designed to confuse traders could send a sensitive stock like AVXL plunging down 20 cents.and I suspect it would Immediately be bought right back by nimble traders who catch it.I would try to be one. but its not at 6 dollars it would be more like 5.89. but who needs to split hairs for a best bargain right?
We got the first mini 'breakout' last Thursday/Friday, and it got capped here around 6.25 area. for the moment. Now maybe we watch these zig zags back and forth in this current battle zone .(6.25-5.85) places the balance line around 6.05,and the whole rally wave (from 5.60 to 6.30) would place the mid-point line around 5.95. and this is where the Fibonacci retrace zone is , so that's the place to be watching for pullbacks. today was 6.03. wont it make more than one retrace effort this week? I don't know. but I would anticipate it. and IF we are waiting mostly to see what develops toward Friday...it seems Friday would be the volatile day... in Either direction...I would suspect that IF the wall street game players are able to misconstrue and dismiss any positive news, and trigger a mini attack, we would see a fast sell off on Friday. even if its just a momentary plunge, it could fall 30 cents , where will price be on Thursday at 4 pm? . we could see a small step climbing for these next few days, maybe it would push up to test 6.50, and then Adam F does his Bash on Friday immediately after Missling speaks, and price plunges down to 6 dollars again... anything is possible.

Lots of good comments by everyone today. I also liked the one by Raja mentioning the hazard of over-analyzing. (something I can fall into as well) so keeping it simple here, chart wise,
Institutions have been accumulating these last few months. the share price has formed a couple of decent looking support bases,one at 5.60 area ,one lower at 4.30 area. and now the next phase of a higher base should develop here at 5.80-6.00 area.

The rally pattern has a chance to break free of this Capped Range,each time it holds at 5.60 and tries to rally beyond 6.30,it has a chance. so its set up now, to "hold above 5.80" and "hold above 5.90, and 6.00" and break on thru to the other side.

This rally pattern shapes up now to offer the next pullback as a dip to buy. I personally would like to buy at 5.90 area.others think 6 dollars is the best we will see now. I tend to be more cautious.

....because the technical chart has many little patterns of zig zag volatility ,that could whipsaw up and down, we could see price pop tomorrow to target 6.35 and get folks all excited, only to see 6.45 get Hammered down by the invisible force of MM manipulation, a negative tweet from any evil person on wall street, or any other thing that "causes" price to move..and this volatility is what could take AVXL from 6.40 back to 6 dollars all over again. Its important to not lose sight of all the targets in the playing field. It aint over until the pattern changes. and as another pointed out, the resistance overhead at 6.30 is in play right now. It might surprise people who are eager to see bullish rally momentum, get whipsawed this week,when some mysterious thing causes AVXL to plunge down 20 or 30 cents to retest the pullback zone again. and I would especially be wary on Friday . It might not happen,but it might. But if these wall street games don't happen this week, the chart is set to rally some more,from this 6.00-5.90 triangle flag. and that could make this moment a good time to buy the next dip if we get another one.