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China Telecom jumps big, Sinopec is next

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obos-625-tumbChina Telecom (CHA) is the best China momentum stock at this point, a surprise to many but not so much to us thanks to the Overbought/Oversold indicator. As we pointed out just yesterday in the Overbought report, China Telecom (CHA: Quote, Profile, Research) (0728.HK: Quote, Profile , Research) was poised to do well. "As we reported earlierJPMorgan buys 34 mil China Telecom H shares ahead 3G rollout, there was strong institutional interest for the stock before the 3G roll-out in 20 cities. CHA has the best technology and equipment when it comes to 3G." Now if you look at the last OBOS report, China Telecom clearly sticks out. But the good news is that despite big advanced the stock is still within its trading range, signalling that there is more upside potential ahead.

Another stock we pointed out was SSinopec Corp (0386.HK: Quote, Profile , Research)(SNP: Quote, Profile, Research) (600028.SS: Quote, Profile , Research), Asia's largest refiner. The argued that the stock price has fallen too much and the stock become oversold. This is still true and expect Sinopec to do well in the next few days.

For the rest of the China stock list see chart below.

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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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