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China stocks: show me the money

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cash1Dec. 16, 2009 (Chinavestor) Here is a list of stocks that are expected to extend rally to Wednesday: JA Solar (NASDAQ:JASO), Suntech Power (NYSE:STP) and Trina Solar (NYSE:TSL) from the solar industry look good despite strong advances; Focus Media Holdings (NASDAQ:FMCN) looks good too. Gushan Environmental Energy Ltd. (NYSE:GU) is up 1.35% pre-market trading after a strong 7.2% rally on Tuesday. But investors will have to start worry about Simcere Pharmaceutical Group (NYSE:SCR), an ADR that advanced 3.6% on Tuesday and is up 25% since November 20, 2009, as the overbought monitor suggests.  A sharp advance from $7.05 to $9.09 in 3 weeks makes us to believe that SCR is overbought.  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.

Another development is that previously highlighted stocks, Qiao Xing Universal Telephone, Inc.(NASDAQ:XING) and Yucheng Technologies (NASDAQ:YTEC) fell substantially and are ready to show some strength again.

Most overbought China stock list

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Looking at the most oversold end of the China ADR universe, Huaneng Power (NYSE:HNP) moved up the list on Tuesday. But its H-shares (HKG:0902) fell heavily in Hong Kong Wednesday morning, suggesting further weakness is ahead for the short term.

Shares of Linktone Ltd. (NASDAQ:LTON) fell another 6% in the last two days and is trading below her trading envelope at the theoretical lows. This suggests a turnaround is on the corner for LTON.

Tiens Biotech (AMEX:TBV) was the worst performing China ADR on Tuesday with a 6.9% fall. The stock is oversold for two reasons: it fell over 30% since November 19 and is now close to its theoretical lows. A reaction rally is highly likely at this point.

China Mobile (NYSE:CHL) is another stock we pay close attention to. CHL was oversold yesterday and we were quick to highlight that China's largest cellular carrier is a stock for bottom fishing. CHL moved up on Tuesday but there is much more advance on the horizon in our judgment.

Most oversold China stock list

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