Sinovac Biotech Ltd (SVA) : Gap Resistance

Sinovac Biotech (SVA) has rallied over the past few days with the broader market.

From the Ichimoku chart, we can see that it is now facing immediate resistance from the gap at around 6.78.

We can also see that the Kijun sen (purple line)  is right at 6.78

My guess is that it will hold above 6.50 .

If it breaks through the Kijun sen, the next target is around 7.26  and 7.53

The leading kumo is also flattening; a sign that it is settling into an equilibrium (most likely the price will take a breather near the flat kumo before pushing forward again)

By iam802

Trend trading with Ichimoku