Anavex Life Sciences Corp (AVXL)

[Gator328]

I'm still not ready to wave goodbye to the 2s, but the chart certainly has indicated more strength recently. It dropped into the 2s and quickly rebounded.

Now, the question becomes to what extent did the analyst upgrade play into this? News is like pizza, it's nice when it's hot and still enjoyable when its cold, just not as much. What happens when this news becomes stale -- will AVXL be able to sustain current price levels?

One thing going for it is that the Retts trials are getting closer with each passing day. This puts considerable pressure on those who may be short to cover, and also those who may be on the fence about going long to make a decision. Right now there's no urgency for either type of investor.

I'd like to see it hold 3s for at least 4 weeks. That would indicate to me we've found new support above the $2.80 threshold.