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China ADRS do well on economic recovery

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happyDec. 21, 2009 (Chinavestor) Strong market days favor momentum and oversold stocks. With index futures pointing to a higher open outlooks is bright for the following China ADRs: China Sky One Medical (NASDAQ:CSKI), VisionChina Media (NASDAQ:VISN), Mindray Medical Intl. (NYSE:MR), Chinese solar companies such as JA Solar (NASDAQ:JASO), China Sunergy (NASDAQ:CSUN), and Canadian Solar (NASDAQ:CSIQ). Aluminum Corp. of China (NYSE:ACH), Perfect World Co. Ltd. (NASDAQ:PWRD) and Petrochina Co. Ltd. (NYSE:PTR) are interesting from the oversold ADR list as well.

We have been bullish on Simcere Pharma (NYDSE:SCR) as late as Friday saying that " because a strong market day is likely to help SCR to keep going on Friday." But SCR is getting overbought and is ready to take a breather on Monday, according to the overbought indicator below. Stocks that look good are those with a strong but not an excessive gains - such as China Sky One Medical Inc. (NASDAQ:CSKI) and Vision China Media (NASDAQ:VISN). Chinese solar stocks have been strong lately with some of them on fire. JA Solar (NASDAQ:JASO) has been strong but looks to have more upside left, just as is for Canadian Solar 9NASDAQ:CSIQ) and Suntech Power (NASDAQ:CSUN). LDK Solar (NYSE:LDK) lost 20% in the last two trading sessions on news that the company is selling equity to raise cash, but that sudden drop makes a case for a possible comeback. Solar companies reported strong Q3 numbers with sweetened Q4 outlook. That should help LDK Solar in the near term and regain most of those losses by mid. January. Mindray Medical (NYSE:MR) is another stocks of interest according to the overbought indicator. The stock is approaching the theoretical highs but looks to have more room left on the upside, at least for the time being.

Most overbought China stock list

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On the oversold end of the China ADR universe Aluminum Corp. of China (NYSE:ACH) and Petrochina (NYSE:PTR) are certainly stocks of interest. Both large cap blue chips are value plays and when they are oversold it is an indication to buy. Aluminum Corp. of China bounced back in Shanghai (SHA:601600) but continued to show weakness in Hong Kong (HKG:2600) on Monday leaving investors in limbo whether the bounce back was imminent. Petrochina had the same pattern, rising in Shanghai but shedding in HK on Monday.

Perfect World (NASDAQ:PWRD) has been the worst performing China online gamer in the last week and is trading at the theoretical lows at he moment. But the gap between Changyou.com (NASAQ:CYOU) and PWRD widened to 10% last week suggesting Perfect World probably hit bottom right at $40.

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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