Nothing much has changed over ther past week - just another week of indecision between the bulls and bears to make it 4 Doji like (indecisive) weekly candlesticks in a row. Certainly different to previous similar periods where selling was the overall flavour. I have highlighted the same period in 2016 and the difference is obvious.
Where to next - a congestion period like this is more likely to lead to a sharp move than not and obviously the 4C is the most likely trigger at this time. The current price action is closer to support (50 cent zone) than any nearby flagged resistance (63 and 75 cents) so the path of least resistance is theoretically more likely to be up than down, subject to the announcement content of course, but it is impossible to predict with any certainty.
Most of the selling comes from off screen so one can't take too much notice of the visible sell queue - in any serious breakout the visible sellers would be chewed up very quickly. It is what is lurking as yet unseen that will more likely set the agenda at the 4C.
It could be difficult but not impossible for positive news to create a sustained breakout as can be seen recently with some of the other disruptive stocks where good news has only led to shooting star breakouts. Something to do with the market mindset at the moment it seems. Alexium is years ahead of other similar stocks in that it has significant and ramping up revenue and the often forgotten but significant plus factor that it is fundamentaly debt free.
Weekly
AJX Price at posting:
53.0¢ Sentiment: Buy Disclosure: Held
