Sinopharm breaks above the declining channel

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By :  ,  Financial Analyst

Sinopharm (1099.HK) breaks above the declining channel

Sinopharm's (1099.HK), a Chinese pharmaceutical company, Covid-19 vaccine achieved a 86% efficacy in trials conducted in the United Arab Emirates, according to UAE's Ministry of Health and Prevention. In addition, the company is also waiting for the approval of the China regulator to release the vaccine in China.

From a technical point of view, the stock broke above a declining channel. In addition, the bullish cross between 20-day and 50-day moving averages has been identified. Both technical events would suggest the bullish reversal signal. Hence, bullish readers should set the support level at HK$17.80, while the resistance levels would be located at HK$20.50 and HK$21.80.

Source: GAIN Capital, TradingView
Related tags: Equities

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