AVXL price action is doing what I forecasted it would do this week, which is to fight in the battle zone between key support 5.45/5.55/5.65 area versus resistance 5.85/5.95 area. And now the week ends in a neutral position right in the middle, unresolved. Resistance capped and support held. IF next week brings Any good news or promo news, and sparks a key breakout above 6 dollars, the targets I'm looking at are 6.30/6.50/6.80 area, followed by a pullback to retest 6.00 area. And momentum could try and become a little bullish, and try to make a second effort to climb again to target the critical daily MA's at 7.20/7.50 area.
Conversely, the other direction, downward... IF Resistance holds strong next week, and wins this battle, and breaks down support at 5.50, with sellers winning the bleeding down game, targets look like retesting 5.30 and 5.00/4.90 .
This small battle zone here, from 5.55 to 5.90, is all I need to be watching next week.
What are the real odds we get some good news next week? No news generates selling momentum to retest 5 dollars and push it as low as they can. Without some good news, 2024 could be a long tiresome year watching wall street bleed the price down. Like they did a few years ago. Only good news will stop the bleeding down game.
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