Anavex Life Sciences Corp (AVXL)

[123tom]

I feel like I want to

watch this chart maybe even more than AVXL right now.

S+P 500


IF the S+P has bottomed today, we should see a bounce either tomorrow or friday. Would that mark the bottom for AVXL here , at a major support zone 2.20/2.25 area. ? I would hope so but I feel extra cautious right now. What kind of plunging drop could AVXL suffer IF the 2.20 breaks down in the next 2 days. Probably a fast drop to test 2 dollars. a big target to buy but could it fall lower with panic selling, would we see panic selling IF 2.20 breaks down, is the big question I have now watching AVXL bleed down. Its ok if its a controlled bleed ,like we've seen in recent days. But This 2.20/2.25 support Low is a major line in the sand, and if it fails this week, what kind of lower target zone will it open up.
2.00-1.50 ? 1.70 ? I have a few stink bids set around 2 dollars now, but still only small portions for me. I didnt buy at 2.50 and didnt buy today at 2.25. Overhead now still has 2.40-2.55 as resistance. and even now a triangle terminal point around 2.37 area could get hammered if sellers make the effort to kill it tomorrow. in a pop and drop. 2.37 targets 2.07/2.17 but then Anything below 2.20 could trigger the panic sell. I love the bargain prices but I dont want to buy too high too soon. Like I did last week at (3.00-2.75)
As a trader,I hate missing the target like that. 2.25 is a much better bargain target.
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but the big risk now is what kind of panic selling could happen if it falls below 2.20