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China Mobile (CHL) still on fire

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hot_stock_flameChina Mobile (NYSE:CHL), the largest mobile carrier in the world by subscriber base, is overbought but its momentum can carry it over today. Looking at the most overbought China stock list, small cap Sinovac (AMEX:SVA) and eLong Inc. NASDAQ:LONG) are still overbought despite losses in the last three trading sessions. Focus Media (NASDAQ:FMCN) is not only overbought but is down $1.36 or 15.45% pre-market trading, suggesting a disastrous day ahead for the company.

51job Inc. (JOBS), once portrayed as the Chinese "Monster.com" but in reality more like a yellow pages publisher, jumped over 23% on Friday following better then expected 2009 Q2. But small cap Chinese stocks come with extreme volatility and thus a pull back is always a possibility. 

Most overbought China stock list

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Now looking at the most oversold China stock list, Shanda Interactive (NASDAQ:SNDA) remains oversold. This in turn suggests a bullish sentiment for the stock on Monday. China Digital TV Holdings (NYSE:STV) is oversold following worse then expected 2009 Q2 report. The stock is up in pre-arket trading but I remain sceptical about this stock on the medium term.

American Oriental Bioengineering (NYSE:AOB) reported 2009 second quarter results on August 7 that didn't impress investors. The company reported an in-line revenue growth but profit margins eroded and net income fell. The stock is down 14.8% for the week and there is not much on the outlook to pull it back up.

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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