Anavex Life Sciences Corp (AVXL)

[123tom]

No good news means downward price direction...
It seems simple enough to say. The rally pattern has been broken now that we're seeing lower lows and lower highs... we can call it a pullback, but if it falls all the way down to retest the 5 dollar target Low (4.90) then that double bottom in the greater chart picture, has to be redefined, maybe call it an aborted 2023 rocket launch. A fizzle, a delayed launch. Maybe the Alz trial will reignite the next rally. But watching the price action now... it slides sideways, in a holding pattern, at 6.25 area, above 6.00 support waiting to be tested, waiting to retest 5.80 for the 3rd time... and getting capped overhead at 6.50 resistance. As long as it fails overhead at 6.50 -7.00, I think the bias will look downward toward 5 and maybe all the way to 4 dollars. It might become a long and unsettling 2024. Unless we get good news.