After gapping from $50 to about $21.50, AXSM has become oversold at support dating back to 2019. It’s also oversold on RSI, MACD, and Williams’ %R. From here, we’d eventually like to see a bearish gap refill at $50 – with patience.
“Axsome Therapeutics announced that the U.S. FDA informed the company in a teleconference on August 20 that its review of the new drug application for AXS-05 for the treatment of major depressive disorder would not be completed by the Prescription Drug User Fee Act target action date of August 22. The FDA did not request additional information from the company, and the review of the application is ongoing,” according to TheFly.com.
This is just one of the opportunities we find quite often inside Extreme Option Profits.