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Chinese telecom and small cap NASDAQ names fall

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obos-622-tumbAccording to the Overbought/Oversold indicator compiled by Chinavestor, all Chinese telecom companies suffered heavily last week offering no safe heaven. But NASDAQ listed online game companies lost even more on a relative basis with Sina Corp. (SINA), Sohu.com (SOHU) and NetEase.com Inc. (NTES: Quote, Profile, Research) taking the lead. Oil was mixed with oil producers in a decline following weak crude price but Sinopec Corp (0386.HK: Quote, Profile , Research)(SNP: Quote, Profile, Research) (600028.SS: Quote, Profile , Research) managed to eke out some gains for the week on improved profit margins.

Based on the graphical representation of the situation, CNOOC Ltd. (0883.HK: Quote, Profile , Research) (CEO: Quote, Profile , Research) is now trading at the low end of its trading range, an indication that the stock may be one of the first to recover. Short term direction for telecom and NASDAQ listed Chinese stocks are subject to overall market sentiment. They are ready to bounce back strongly if American indices turn around.

 

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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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