Anavex Life Sciences Corp (AVXL)

[123tom]

This rally cycle has been
a pretty strong bullish development.
and my main reason for saying that is because it came off the Lower Low at 10 dollars, that was a breakdown from the 11 dollar previous Bottom. That new lower low, on a technical basis, 'should' have/could have turned the bias bearish at least for a while, but what we saw, was a pretty strong rally climb, from 10 to 12, that pulled back and held 11, like it 'should' in a bullish momentum, and then 11 became a steady climber that didnt stop until 16, while I was expecting to see the bearish selling start coming in at 13.00-13.50 area, and maybe peak at 14. so what we have now seen is a bullish looking surge to 16 and now some resistance toppy curve around 15.50 area to watch out for. But my main take away, is that there was not the strong resistance at 13.00-14.00 area.That surprised me. There was a big pullback sell down from 16 to 14.10 , but then we just saw a good recovery back to retest 15.60 area, so the bias that I think should have been bearish when it fell to 10, got turned right around and became more bullish looking.Still having said that,The Range Pattern, the zone from 11 to 16,and 10 to 16 has to still be considered in play, and for that to change we need to see a breakout beyond 16.
If we see a finished wave at 16 now, the basic pullback area on the math chart is the 13.50-13.00-12.75 area to watch for. IF the bullish momentum would take over stronger we could see te support step at 14 area holding.
In the climb from 10 dollars we saw support hold at 11.07/12.40/13.10/14.10

AVXL 5 minute candles