Anavex Life Sciences Corp (AVXL)

[123tom]

What is the future news cycle looking like now? Can someone post the perspective for 2024? It can help to see how the TA chart might take shape .
Right now, the price is settling after the disappointing news. Hasn't made the next big moves yet. We have the collapse from the peak, 10.25 area to a low at the 5.75 area (5.65-6.00 bottom zone). If the price doesn't revisit the 5.70 bottom again, it would be because some force is holding the support at 6.00-6.20 shoulder.
This is price action to be watching now. And we have to wait for it.
If support does hold here at a 'higher low' and rallies upward, I'd need to see a good 1 dollar move, a small pullback and another 1 dollar move. 2 steps that go from 6.50 to 7.50 to 8.50.
If that rally develops, ungenerated by any good news, I would expect sellers to try and slam down the price when it hits the 8.00- 8.50 area.
If price only rallies to the key ma's... at 7.50 area, and If the sellers are strong enough to slam it back down to 6.00 or lower, then this would be a big tell, showing that shorts might be in control, and we could possibly see Avxl groveling at the lows for months.... unless good news comes to the rescue.
But for now, it's not necessary to look too far ahead. It's easier to just see and anticipate the next 1 or 2 moves, which can lead to the next few after that. Traders have targets for buying and selling.