Anavex Life Sciences Corp (AVXL)

[Citrati]

Alternate TA opinion to yours.
Low volume often accompanies bottoms as a signal that selling has dried up. "it could be bullish if low volume occurs in a downtrend. It could be bearish if it's noted in an uptrend." Is this enough to make a decision? No. Let's add trend with macd. Fast macd shows +divergence that perhaps a bottom is forming and standard macd is moving toward confirmation. Looking at price action there is a potential double bottom. Momentum indicators have not joined the up side but are hinting that they want to. Last 8 trading days have created a triangle with price in the apex that could go either way. Yesterday was a hammer doji and today an indecision doji.
There is also very strong overhead resistance. Most likely it will take substantive news to break through that resistance, however a test of that resistance without news would not be out of the ordinary, especially if enough buyers want to scale in.

What to do all depends on ones trading style, risk tolerance etc. It also depends on how one interprets the fundamental side of the picture. Fundamentally, AVXL is still in the "average" time frame for new bio-tech stocks to go from pre-clinical to full approval.

My opinion. You have chosen the most negative views both from a TA and FA perspective. I could flesh it out for more than anyone would want to read so I will stop here with my point made that neither TA or FA confirms such a negative conclusion.

Anyone with a stockcharts account can click the link below to see the entire daily chart that I barely scratched the surface of.

Green Trading to holders and buyers.

https://stockcharts.com/h-sc/ui?s=AVXL&p=D&yr=0&mn=6&dy=0&id=p68091055814