AXSM - Grade: B

An update on our AXSM swing.

8.01 - 9.69 channel is still in play. We like the tests on top of support 8.01 as this is the bottom of the channel and the market as a whole had a pullback today. Consolidation over a longer period of time (within reason) allows for a stronger push and this mover has done well to continue in a fashion we can predict.

The issue we could run into with this movement is if 8.01 fails tomorrow resulting in a lower low, we could be seeing a rounded top. Stay tuned and don't be afraid to secure a portion of your position or take profits entirely.

Our target for this swing is to trade the 8.01 - 9.69 as we were able to trade 6.01 - 8.01. Knowing that consolidation had to occur before the complete 8.01 reclaim builds strength on the potential if supports act as such.

swing, IPChris WingfieldComment