Check Out The Inverse Pattern On This Pharmaceutical Stock

Anavex Life Sciences Corp. is a clinical stage biopharmaceutical company, which engages in the development of different therapeutics for the treatment of neurodegenerative and…

neurodevelopmental diseases.

Take a look at the 1-year chart of Anavex (AVXL) below with the added notations:

Chart of AVXL provided by TradingView

Over the past several months, AVXL seems to be forming an inverse head and shoulders reversal pattern. The head (H) and the shoulders (S) have been noted to make the pattern more visible. The stock’s neckline resistance is currently sitting around $13.5 (green). AVXL would confirm its H&S by breaking through the neckline.

The Tale of the Tape: AVXL may be forming an inverse head & shoulders pattern. A long trade could be entered on a break through the $13.5 neckline.

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