Well said... Anavex remains a positive investment. but as history shows us, this equity gets traded and shorted in a wall street game that takes trading skills to play along with. Years of patience, and professional emotions, staying calm when the short attacks send the price down, while good news isn't appreciated enough by the market. And while we watch the other big pharma drugs get approved but they fail to help patients, you can see the corruption of the medical system. Does anyone trust the FDA to demonstrate honest integrity? In any case, if AVXL is best seen as a combination of a core investment to hold, alongside a trading portion to trade, my job is to buy low and sell high with the trades. Looking for targets in the chart currently, we see resistance at 8.60-9.00 area. We're seeing whipsaw, pop and drop patterns... clever manipulation climbing price, today's a perfect example... price climbs higher , tumbles at resistance, and then falls to Lower lows. Lower lows, opens the door to more lower lows. Where are the lower targets holding support. Right now, it's 8.30 to 8 dollars. And previous support lows are 7.90 and 7.70. Below that is 7.50 to 7.16. Bottom target zones can bounce at the same area several times. Right now it's been around 8 dollars, but bleeds thru to 7.90, maybe next month we'd see that bouncing happen around 7.70/7.60.... it's all a trading game seeking lower lows and lowest bottoms. To Buy. And the tricky game is how the price movements make you think support will hold at certain bullish pullback targets like (currently it was 8.50) but look at the plunge down today to 8.37..... lower low. And that changes the pattern, weakens the bullish movement, and strengthens the bearish bias. In a neutral viewpoint, we saw a rally from 7.70/7.90 to 8.90... and the pullback is tumbling back down like it wants to retest 8.00 again. At best, this is a Range pattern, not a rally upwave pattern. Upwave pattern should've held around 8.50. Now, 8.60 is resistance. and looking downward in my view. This 8.60 resistance has been in play for a month, waiting to roll over, and it finishes the week poised to roll over and tumble back to 8 dollars. And maybe into the 7's.
As you know, the patterns are all about support/resistance targets and pivots making higher highs/higher lows going up, or lower highs and lower lows going down. Today's low is a lower low in the short term pattern. How low will this pattern go, is the bleeding down trading game. There's target at 8.30/8.15/8.00/7.90/7.70. If we see strong support with volume holding around 8.30, we might still have a bullish bias. But in older chart patterns, as the 100 ma shows... the bullish support wants to see higher price holding stronger, above 8.50, closer to 9.00 and regaining that zone Citrati shows, get going higher, break through 9.00 and 9.30, retest the upper Bollinger at 9.75, retest 9.80 resistance, test 10 dollars.... that's a bullish looking recovery wave. Stop bleeding downward. 8 dollars is important to hold strong.
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