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Petrochina is oversold, ready to rumble

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advance4Looking at Chinese stocks from a technical point of view, we found some surprises that offers trading opportunities. One of them is PetroChina (PTR), the largest Chinese oil producer. The stock advanced $1.69 or 1.67% to $103.00 on Tuesday but our indicator suggests the stock has additional upside potential. Suntech Power Holdings Co. Ltd. (STP) is another candidate for a strong showing on Wednesday. Guangshen Railway Co. Ltd. (GSH)(0525.HK)(601333.SS) is the most oversold China stock at the moment and offers big opportunities for the medium term investor.

 

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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.

Now let's take a look at the most overbought China stock list. As we noticed on Monday morning, China Life (601628.SS) (LFC) (2628.HK) is overbought and has been an under-performing in the last two days. Hutchison Telecommunications International Ltd. (2332.HK) (HTX) is propelled by strong fundamentals and such is expected to do well. Baidu.com Inc. (BIDU) is strong but is within its normal trading range and as such is not considered overbought. 51job Inc. (JOBS) is somewhat difficult to judge, the stock is above its trading range but far from a theoretical high. Shanghai Petrochemical (0338.HK)(SHI (600688.SS) has strong momentum and is not overbought yet- looks as if there is more upside left in the stocks for the short term.

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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.

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