Anavex Life Sciences Corp (AVXL)

[123tom]

The price hit a resistance ceiling at 5.25, right where it was to be anticipated, and end of day, end of week sold down to finish neutral... but the last punch was won by sellers, not wanting to
hold shares at 5.25 resistance. Resistance zone remains intact 5.20-5.45, support zone held ok at 5.10/5.00. I'd be calling this week Neutral, at best. Still holding a bottom zone , but yet to generate a recovery rally. Spinning wheels at the starting gate. No reason to claim any bullish sentiment currently. Another week passes, developing the "bottom zone" ... which hasn't yet confirmed to be finished at 5 dollars. Rally recovery doesn't even begin to confirm until a climb reaches at least 5.80/6.00 target AND then holds pullback support shoulder at 5.30 target zone. 2 essential steps. THEN after holding 5.30 support shoulder price Must rally again to target 6.30 area, for another 1 dollar upwave move. All this price action has to happen Before the technical chart pattern could be called a recovery, and a " finished bottom" at 5 dollars. But, I understand that you only have one channel, stuck on extreme bullish cheerleading.
For those who want to understand the price action and chart patterns, they can read my analysis, or a few other good chart watchers here, like sab, and leo, a few others, there's still a few here, but not many.