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Technincal indicators help China stock investors

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buy-sell Jan. 21, 2010 (Chinavestor) With Chinese shares on the retreat, most of the action takes place on the oversold end of the China stock universe. With Baidu.com (NASDAQ:BIDU) back in the $440 range, the stock is off the overbought hook. SkyPeople Fruit Juice (AMEX:SPU) hold firm at the $7 range on Wednesday despite the big market tumble - suggesting the rally might resume today.

China Life Insurance (NYSE:LFC), Sina Corp. (NASDAQ:SINA) and China Petroleum & Chemical Corp. , Asia's largest refiner, (NYSE:SNP) are drawing attention on the oversold chart but Trina Solar (NASDAQ:TSL) is just screaming off the chart.

Trina Solar (NYSE:TSL) tumbled just under 20% in the last five trading sessions and is considered oversold this morning. A sharp decline from $30 to $24 in one week makes us to believe that TSL is now oversold. 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.

Looking at the overbought monitor, Sohu.com (NASDAQ:SOHU) and Spreadturn Communications Inc. (NASDAQ:SPRD) are looking good for today besides Chinese airliners - China Southern and China Eastern Airlines.

Most overbought China stock list

OB-2010121

Trina Solar (NYSE:TSL) is the stock with the largest decline in relative terms - blasted through her trading range and is now approaching theoretical lows. Chinese solar stock took a huge hit after Germany, the largest market for PV cells,  reported curbing subsidies. Lower oil price and latest valuations after significant rallies in the second part of 2009 makes solar stocks less attractive.

And while China Life Insurance (NYSE:LFC) is less dramatic on the oversold chart but is a potential high flyer stock for the rest of the week. China Life Insurance (SHA:601628) advanced 2.18% in Shanghai on Thursday and is expected to gain traction on the NYSE as well. For the rest of the China stock universe see chart below.

Most oversold China stock list

OS-2010121

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