Interesting coincidence but hopefully history doesn't repeat in this case. We have completed a year long shakeout since Alexium topped out in September last year after becoming way over cooked IMO and it probably should have taken a breather at 50 or 60 cents but the hot money kept pouring in and set up the year long bearish phase.
I would have preferred to see a longer period of consolidation, rather than the current V shaped reversal. Mainly to draw out more supply but V shaped reversals can still work but are more prone to pullbacks IMO as potential supply back log eventually causes the SP to stall. We shall see how it pans out over the next week or two and a breakout on volume would be a good antidote.
AJX Price at posting:
64.5¢ Sentiment: Buy Disclosure: Held
