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China stocks advance despite weak U.S. market performance

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obos_629-thumbWhile the DJIA ended the week lower, Chinese shares continued to advance. According to the Overbought/Oversold technical indicator, China Telecom (CHA: Quote, Profile, Research) (0728.HK: Quote, Profile , Research) and SINA Corporation (SINA: Quote, Profile, Research) had the most momentum followed closely by NetEase.com Inc. (NTES: Quote, Profile, Research). All these three China stocks are trading within or slightly above their respective trading ranges, a sign that the rally is not overstretched yet.

Chinese oil companies were the losers in the last two weeks but strarted to recover. Sinopec Corp (0386.HK: Quote, Profile , Research)(SNP: Quote, Profile, Research) (600028.SS: Quote, Profile , Research) has potential to jump but CNOOC Ltd (CEO) is a good bet as well.

For the rest of the Chinese stock universe please scroll 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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