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China momentum plays to shine on Tuesday

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advance3December 1, 2009 (Chinavestor) Momentum China stocks build on previous gains and continued to shine on Monday. WuXi PharmaTech (NYSE:WX), China Automotive Systems (NASDAQ:CAAS) ran at full throttle again, raising the question where the ceiling just might be. Ctrip.com (NASDAQ:CTRP) did well but is not overbought yet, suggesting more gain is to come. Linktone Ltd. (NASDAQ:LTON) released earnings and advanced 4.42% but looks to stretched too thin. Shanda Interactive (NASDAQ:SNDA) is neutral with a positive bias on the overbought stock list below. Shanda Games (NASDAQ:GAME) is about to move today and tomorrow morning after third quarter earnings announcement scheduled for 9:30 P.M. today. Based on NetEase.com Inc (NASDAQ:NTES), the other well diversified online game developer and operator, expect Shanda to report a sound third quarter. Look out for Euro Tech Holdings Co. (NASDAQ:CLWT), a stock that popped 26% on Monday and is very similar in trading characteristics to Origin Agritech (NASDAQ:SEED). Both have strong underlying volume, a sign that the rally is not over just yet. With index futures pointing to a positive open, expect these momentum plays to shine on Tuesday.

Most overbought China stock list

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There is a lot of action taking place on the oversold end of the China stock universe. Technical weakness of China Mobile (NYSE:CHL) is a sign to buy into weakness since there is no particular news that would justify such a sluggish performance.

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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