Anavex Life Sciences Corp (AVXL)

[Citrati]

No argument with your daily analysis.

The two longest term weekly trend lines ( 4years and 5years) have broken to the upside with the last price move.
There is still one in play from 3 years ago that is the last LT trend resistance line IMO in play from this latest price up move. There are obviously some weaker horizontal resistance lines like $4 and $4.35 to deal with at some point.
If this trend line holds next week with a closing candle above the line, as it did yesterday, it will show strength in the present move.
Note that all the weekly indicators are still in power zones and indicating cooling. Price has been led by the 13ema for 15weeks now and so that is a LT price support bulls don't want to see broken. Closing price have been above the 8ema for the same time period and is the closing price support. As long as there is no down cross of the two and they stay positively stacked the current trend is safe.
Those are key supports, with the 100day as backup. The 20day (midline) finished up crossing the 50day this week to add it's strength and bring the possibility of a weekly 50/100 up cross in the future. As you know, there are no guarantees. That said, 2 closings above above that 3 year weekly downtrend line would be positive.

All that can be done now is to let it play out. Market structure shows resistance at 3.50ish and support at 2.98ish. Until price holds or breaks one of those levels it is likely channel time.