Anavex Life Sciences Corp (AVXL)

[123tom]

Price action today


From the 11.40,this morning dropped and popped and peaked with gyrations 12 dollars to 11.50 and 12 dollars and then it began the pullback that currently held 11.20 area. an 80 cent drop from the top as a first pullback wave. In an ABC pattern,another 80 cents from the 11.60 resistance tomorrow has a target zone 10.80 area.
The major pullback targets in the rally wave from 10 to 12 is 11.25/11.00/10.75 area 10.80 was the last major pivot low, and is in play to be retested. 11 dollars is the 50% Fib target (if 12 remains the wave peak). Its possible that support could hold at this 11.25/11.35 and rally again to and thru 12 dollars. But if we are to see a full technical pullback,from the 12 peak, I'm looking for a test of 11 dollars and maybe 10.80 again.
The price action now at end of day has set up to touch resistance 11.50-11.60 and then we might see the selling begin again the next leg of the ABC pullback. to push it down to the next major target .
current small step support to watch now is around 11.25 and resistance is at 11.55 area.

AVXL 5 minute candles