Anavex Life Sciences Corp (AVXL)

[123tom]

The anticipated good news turned out to be a little sour, so the year began with a downward plunge , people abandoned ship. It was trend changing news. The sell down process hasn't ended yet as today's tumble shows. What looked like a good bounce yesterday, got hammered lower today. This could be the continuing downwave, to lower targets through February. This 5.70 'bottom pivot zone' is a critical step for support to hold. If price bleeds lower next week, odds are the target is looking to retest 5 dollars.
The last cycle bounce went as high as the 6.80 area. It didn't even reach 7.00, and the key MA's at 7.30/7.50 area weren't even close. Now, this collapse back to 5.70 to end the week has erased any bullish momentum, in my view. I expect sellers to keep on selling it down. Buying the bounce at 6 dollars now looks like a failed trade move. Maybe buying the target at 5.00 will be better. 🤔