Anavex Life Sciences Corp (AVXL)

[123tom]

I agree there is reason to be hopeful , but the share price has not begun to recover yet. The bottom zone ,currently at 4.80/5.00 area has failed to rally so far, and is retested now. Not yet confirming a continued downwave, but the rally bounce has been erased by resistance wall 5.50-5.20. And now we're seeing lower highs and lower lows, and teetering at the critical support bottom.
This 4.90/5.00 area is a buy target, but If the next bounce gets hammered around 5.15 again, rolls over and tumbles to collapse this 4.80 "bottom" ... it could generate a further downwave to 4 dollars. A breach of this 4.80 bottom would be a big win for bears. They'll push it hard.
It's a very simple chart picture to watch. The battle between resistance and support, watch the pattern developing. Currently the resistance is winning, the small rally bounce got taken right back down. The final major support is critical to hold at 4.80/4.75. Or else the lower target steps are almost guaranteed to be reached. 4.60,50,40, etc, to 4.10, a buy target, and 4 dollars. Happy bottom fishing 🤠