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FSIN, SSW, SCR looking good again

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advance_8 June 29, 2012 (Chinavestor) Fushi Copperweld (NASDAQ:FSIN) leveled off, taking pressure off the stock on the overbought chart. The stock is not considered overbought after days of trading sideways. This implies more upside is quite possible! As a matter of fact, none of the stocks on the overbought screen are trading at extremes, making them well positioned to take advantage of the EU instilled rally. More upside is possible for Simcere Pharma (NYSE:SCR), Huaneng Power (NYSE:HNP) and Seaspan Corp. (NYSE:SSW), among others.

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There are no oversold stocks at extremsds this morning.

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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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