On the chart now....
watch price action battle around 3 dollars when the time comes.
(How wall street wants to call it "losses"
4 million.... I read it as "operating expenses" .
and for share price to get clobbered from 6.45 to 2.45 is nothing but the wall street shark feeding fest.)
Today we have reached the 'double bottom" at the 2.45 target.
Targets lower are in the 2 dollar zone and targets higher are in the 3.45 area.and 3.85 area
Price hitting today's low at 2.45 is a key moment in the chart pattern because this is THE double bottom for the whole 3 year chart picture. its significant. technically the next full bounce should be instructive to what will happen in the coming months. the bounce from this double bottom will show what kind of strength Anavex has at all... it will be a good barometer for watching how the price action bounces up and gets hammered down. we can measure the weakness or strength better in the coming patterns. able to watch the resistance overhead sharper now.
Expecting a better bounce from this double bottom, but over several days, will it be a sustained bounce with good follow thru or will it get hammered down at the first resistance levels, lots of price action to watch and get a feel for the weakness or strength. but easier to follow now.
I'm looking for a good bounce that targets 2.90-3 dollars for starters.
From that achievement, a pullback that HOLDS around 2.70 area. From There holding, another good rally bounce breaks thru 3 dollars and targets 3.45 area. That's what a good response should be now , from this double bottom. and From that 3.45/3.50 resistance target,a pullback that HOLDS at the 2.90/3.00 area as a support shoulder, and upon this develops the reverse head and shoulder pattern that could represent the stabilized bottom at 2.45.
These math tracks can be followed like a gps navigation, and see if price runs along these tracks.
The bearish pattern that would be displaying the same suppression and selling pattern, in contrast to a 1 dollar rally to 3.45 area.... would see something like Failure around 3 dollars and a 1 dollar downwave to target 2 dollars.
So the difference that becomes clear is to watch the 3 dollar area and see which side wins the battle around 3 dollars.
