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China ADRs fall with Sina but Baidu defies trend

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obos616-preChinese ADRs are on a clear retreat from a week ago levels, according to the Overbought/Oversold indicator compiled by Chinavestor. But just how much each company is a on a downhill is best displayed in the following screen.

NetEase.com Inc. (NTES: Quote, Profile, Research), the most profitable Chinese online game operator, fell hard from all time highs of $38.22 to $35.04 but is still above its trading range. This implies the stock has still not established a clear bottom yet.

Huaneng Power International (0902.HK: Quote, Profile , Research) (600011.SS: Quote, Profile , Research) (HNP: Quote, Profile , Research) looks to fell just as hard but the stock is now withing its trading range and falling commodity prices help lower coal cost, thus improving profitability. Thus HNP may come off lows in the upcoming days.

SINA Corporation (SINA: Quote, Profile, Research) has fallen the most in relative terms and is now trading within its trading range. But the problem this Chinese internet portal faces is fundamental, e.g. lower guidance for Q2 while delivering less for Q1 just a week ago. So while Sina fell 12.6% since June 9, the worst is not over yet.

If anything, Sinopec Corp (0386.HK: Quote, Profile , Research)(SNP: Quote, Profile, Research) (600028.SS: Quote, Profile , Research) has a chance to turn around one of these days. The company is falling on lower oil along CNOOC Ltd (CEO) and Petrochina (PTR). But Sinopec is Asia's largest refiner and lower oil price means improved margins and profitability.

Baidu.com Inc. (BIDU: Quote Profile Research) looks handing in there. The stock managed to advance on Monday against all odds, telling investors that this stock is not for shorters. So when market sentiment improves, BIDU is expected to excel.

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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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