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Rebounce Lifts China Stocks on Thursday

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advance7 Jan. 28, 2010 (Chinavestor) Technical indicators suggest that China Natural Resources (NASDAQ:CHNR), Tongjitang Chinese Medicines (NYSE:TCM), and Shengda Tech (NASDAQ:SDTH) are going to do well on Thursday besides stocks we already favored : Spreadtrum Communications (NASDAQ:SPRD), Mindray Medical (NYSE:MR) and the solar sector with Suntech Power (NYSE:STP), Trina Solar (NYSE:TSL), and JA Solar (NASDAQ:JASO). Sina Corp. (NASDAQ:SINA) and Hurray! Holdings (NASDAQ:HRAY) were oversold China plays offering turnaround opportunities earlier the week- and they still look attractive. Wonder Auto Technology (NASDAQ:WATG) and Zhongpin (NASDAQ:HOGS) are stocks that promise a turnaround but don't expect much good from oversold WuXi Pharma (NYSE:WX) - according to the oversold report below. VanceInfo Technologies (NYSE:VIT) is a wild card at this point.

Most oversold Chinese stocks

OS-2010128

The overbought end of the Chinese stocks universe is back to life after days of no action. Spreadtrum Comm. (NASDAQ:SPRD) is looking good with couple of new names on the chart below. China Natural Resources (NASDAQ:CHNR) has started to gain momentum and is trading within her trading range; Tongjitang Chinese Medicines (NYSE:TCM) is back within her trading envelope and Shengda Tech (NASDAQ:SDTH) moved away the oversold position. Expect these stocks to extend a rally on Thursday.

Most overbought Chinese stocks

 

OB-2010128

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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