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China Telecom Jumps on Competitors' Weakness

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obos-6-10-tumb(Aug. 31, 2009 - Chinavestor) Chinese stocks have clearly lost momentum as the earnings season passes. Based on the overbought/oversold indicator, not a single China stock is overbought ahead the bell on Monday. But China Telecom (NYSE:CHA) has noticeable momentum.

China Telecom (NYSE:CHA) reported 2009 first six months interim results on Aug. 27 followed by China Unicom (NYSE:CH) the next day. Industry leader China Mobile (NYSE:CHL) reported a day before China Telecom. More Chinese telecommunications sector coverage at http://www.chinavestor.com/telecom.html. China Telecom (NYSE:CHA) reported the strongest 3G growth among the three main Chinese carriers, sending its ADRs to jump 3.01% on Friday. 

Most overbought China stock list

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Looking at the most oversold Chinese stocks before the bell on Monday, JA Solar (NASDAQ:JASO) and Guangshen Rail (NYSE:GSH) are technically oversold. However both are hurting on weak 2009 Q2 and H1 results and thus are not expected to recover anytime soon. AsiaInfo Holdings (NASDAQ:ASIA) has clearly lost momentum last week and might bounce back in the upcoming trading sessions.

Most oversold China stock list

OS_831

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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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