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Half a dozen China stocks are overbought

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warning3China stocks are riding on the back of strong earnings, ample liquidity and improved American market sentiment. But riding too fast means certain stocks get overbought thus making a case for a breather. Looking at the most overbought China stock list, Hang Seng heavy weight HSBC Plc. (HBC) is in imminent danger after advancing 17.4% for the week.

China Life Insurance is just as much overbought and is ready to pull back or take a breath. Huaneng Power (HNP) not just jumped big, stock is up 14.71% in the last five days, but is very close to its theoretical high and thus is one of the most likely stocks for a pull back. Sinopec Corp (0386.HK)(SNP) (600028.SS) looks similar but has attracted strong money flows in Shanghai and that might help is sustain short term market pressure better then HNP.

eLong Inc. (LONG) and Suntech Power Holdings Co. Ltd. (STP) are similar from a technical point of view: both jumped big but have some potential left for the day.

 

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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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