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Chalco (NYSE:ACH), Huaneng (NYSE:HNP) ready to resume rally

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advance5Looking at the most overbought Chinese stock list, few stock look good while some are still in the danger zone. Aluminum Corp. of China (Chalco) (NYSE:ACH) and Huaneng Power (NYSE:HNP) are not overbought yet have subsdtantial momentum. In addition, Huaneng is up over a dollar in pre-market trading, suggesting a very strong open for the stock. Focus Media (NASDAQ:FMCN) had a strong day on Wednesday but it looks as if momentum will carry on over to Thursday. However Sinovac (AMEX:SVA) and eLong (NASDAQ:LONG) are still in the danger zone and their upside is limited.

 

Most Overbought China Stock list

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Looking at the most oversold Chinese stocks, American Oriental Bio (AMEX:AOB) fell big on Wednesday and is ready to bounce back today. But this is a technical correction or a dead cat bounce only. The rest of the China stock universe look good, no oversold Chinese ARD at the moment is on our screen.

The most oversold China stock list

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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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