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Technical Analysis

Volatile China Stock List Oct. 25

Volatile China Stock List Oct. 25

October 25, 2010 (Chinavestor) China Housing & Land Development (NASDAQ:CHLN) reached theoretical highs and became overbought. CNinsure Inc. (NASDAQ:CISG), China Yuchai International Limited (NYSE:CYD) and Changyou.com (NASDAQ:CYOU) looks very similar on the overbought screen suggesting more upside is possible should market sentiment remain strong. Sohu.com (NASDAQ:SOHU) is going to report along with Changyou.com (NASDAQ:CYOU) on Monday.

The oversold monitor took note of the sudden fall for Huaneng Power International (NYSE:HNP), China's largest independent power producer. Despite some losses, the theoretical bottom is far for China Green Agriculture (NYSE:CGA) and Global Sources (NASDAQ:GSOL).


 

Both Sohu.com (NASDAQ:SOHU) and Changyou.com (NASDAQ:CYOU) advanced for last week in anticipation of a strong third quarter. But both stocks have more upside left should earnings beat estimates, according to the overbought monitor below.

China Housing & Land Development (NASDAQ:CHLN) became truly overbought after reaching theoretical highs. The overbought chart suggest CHLN is up to a break, according to the chart below.

CNinsure Inc. (NASDAQ:CISG) looks very similar to China Yuchai International Limited (NYSE:CYD) on the overbought chart below. There is more upside left for these stocks but investors have to exercise caution from now on.

The oversold end of the China stock universe is active again. Huaneng Power International (NYSE:HNP), China's largest independent power producer, fell ten percent last week but more downside is possible. The stock went from the high en of its trading envelope to the low end.

Volatility is back for China Green Agriculture (NYSE:CGA) as the following chart testifies. The stock went from $8.5 to $10.5 in two weeks just to gave back all those gains in the next weeks. More downside depends on market sentiment.

Global Sources (NASDAQ:GSOL) is similar to China Green Agriculture (NYSE:CGA) from a technical point of view. This stock tumbled 10% lasts week and is back to where is was a month ago. A classical high risk/high return category.

Overbought A technical condition that occurs when prices are considered too high and susceptible to a decline. Overbought conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp advance from $15 to $30 in 2 weeks might lead a technician to believe that a security is overbought. Or, a security is sometimes considered overbought when the stock is trading out of its trading envelope and is approaching the theoretical high. It is important to keep in mind that overbought is not necessarily the same as being bearish. It merely infers that the stock has risen too far too fast and might be due for a pullback.

Oversold A technical condition that occurs when prices are considered too low and ripe for a rally. Oversold conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp decline from $30 to $15 in 2 weeks might lead a technician to believe that a security is oversold. Or, a security is sometimes considered oversold when the stock is trading below its trading envelope and is approaching theoretical lows. It is important to keep in mind that oversold is not necessarily the same as being bullish. It merely infers that the security has fallen too far too fast and may be due for a reaction rally.

 
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