Sinovac Biotech Ltd (SVA) : On the move again.

SVA is on the move again. Given the overall weakness in the broader market, we have to be careful here.

I have previously mentioned that there is a chance that SVA will not go down further due to the subscription to its common share offering.

From the Ichimoku chart, we can see the following :

  1. Chikou Span (green line) is about to pierce through the price level.
  2. Coincidently, this is the level that SVA has previously gap down.
  3. On top of that, the price level is now right below the Kijun sen (purple line) at around 6.78
  4. As mentioned, given the broader market weakness, I will keep a tight stop-loss.