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Shanda still oversold, HSBC, SVA, LONG overbought

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advance4Shanda (SNDA ), one of top Chinese online game developer and operator, broke a five day losing streak on Thursday but it is still oversold with upside potential. Most Chinese ADRs are on fire following upbeat earnings, outlook and American market sentiment with the number of overbought China stocks on the rise. So Shanda's ills are considered overreaction, at least from a technical point of view. For a list of the most oversold China tickers, see chart below.

 

OS-731

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 see the most overbought China stock list. HSBC Holdings Plc (HBC)(0005) tops the list and with a deep $15 billion bad debt just reported, HBC is expected to fall - except that index futures point to a higher open. Well, earnings might be better than expected and in this case fundamentals override technicals. But Sinovac (SVA) is still in the red and despite a sizable correction on Thursday, there is more downside left for SVA.

OB-731

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