Anavex Life Sciences Stock Rallies: Technical Levels To Watch

Anavex Life Sciences Corp. AVXL shares traded higher Monday after the company announced ANAVEX2-73, the company’s main pipeline drug, improved both primary cognitive and secondary MDS-UPDRS efficacy endpoints with significant biomarker correlation in placebo-controlled Phase 2 clinical trial for treatment of Parkinson’s disease. 

Anavex Life Sciences Daily Chart Analysis

• Shares have been trading in a sideways channel and tested resistance Monday.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock is likely turning bullish..
• Each of these moving averages may hold as a possible area of support in the future.

Key Anavex Life Sciences Levels To Watch

• In early February 2021, the stock saw a large move up, finding resistance near the $30 level.
• Now the stock is testing this same resistance area looking to potentially break above the area.
• A previous resistance area could be found near the $16 area, and as the stock is well above this area now, it may hold as a potential area of support.

What’s Next For Anavex Life Sciences?

Bulls would like to see the stock cross above the $30 level and hold this area as a level of support. If the stock can maintain above this leve,l it could see further upward moves. The stock has been moving up fast and may cool off throughout the next few days.

Bearish traders would like to see the stock break below the $16 level. If the stock is able to break below the $16 level and consolidate below the level it may see a downward push. Bearish traders should take caution as the stock had FDA news today bringing many buyers into the stock.