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Energy drives China stocks

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oil_6-9-tumb(Oct. 13, 2009 - Chinavestor)  Chinese solar stocks shone yesterday as price of oil firmed up but they have a lot of ground to make up before the overbought indicator is going to pick them up. Trina Solar (NYSE:TSL) is the only one solar maker that is on the overbought list today, thanks to a strong advance in the last five trading sessions.

 

China Auto Systems (NASDAQ:CAAS) was basically flat and remains overbought, but traders might find support from strong China auto sales in September. The China association of Automobile Manufacturers reported passenger car sales grew by 84% from last year to 1.015 million in September, the first time the reading surpassed the one million mark. This makes China the largest car market in the world in 2009 so far.

Shares of Cogo Group (NASDAQ:COGO) continued to advance thought the stock is overbought and investors have to exercise caution now on.

Focus Media holdings (NASDAQ:FMCN) continues to advance in a choppy trade, as investors are still trying to determine the true value of the company after the failed Sina bid.

Stocks that are expected to do well today include CNOOC ltd. (NYSE:CEO) and Petrochina (NYSE:PTR) as price of oil is keep going higher. For the rest of the China momentum stocks, look at the indicator below.

Most overbought China stock list

OB-1013

Looking at the other end of the universe, NetEase.com (NASDAQ:NTES) is screaming after trouble brews with the licencing of the World of Warcraft game, it acquired from The9 Ltd. (NASDAQ:NCTY) earlier this year.

Weakness of NetEase.com puts pressure on the rest of the online game sector, Shanda Interactive (NASDAQ:SNDA), Changyou.com (NASDAQ:CYOU), and Sohu.com (NASDAQ:SOHU) suffering as well.

Most oversold China stock list

OS-1013

expl-obos

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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