Tuesday, May 10, 2011

Sunvic - Resistance at $0.82

Despite in a 'XD' status, Sunvic continues to display bullish tendency. The short term EMA is still higher than the long term EMA. Based on the chart below, Sunvic is moving within an upward trending channel.


However, it is hitting its recent high of $0.82 which will be a major resistance. There is further room for growth since the RSI is still in a neutral region while the price is trending upwards. It is likely to break the $0.82 since there is major buy up (seen from the volume distribution chart).


P.S. Vested interest after post - at $0.84 since the resistance of $0.82 was broken with strength.

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