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China stocks watch list for March 29, 2010

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coal_2 March 29, 2010 (Chinavestor) The number of Chinese stocks trading at extremes is relatively low on Monday. There are only two China stocks trading close to theoretical highs - yet they seem to have more upside left. Stock extremes on the oversold end include Spreadtrum Comm. (NASDAQ:SPRD) and Hutchinson Telecom (NYSE:HTX). Smaller cap online gamers fell significantly last week - the steep fall of Perfect World (NASDAQ:PWRD) calls for a correction.

Shares of China Telecom (NYSE:CHA) are trading well above her trading envelope but should keep up going higher on the back of overall market strength. The company reported one of the best 2009 annual reports among Chinese telecoms with the brightest outlook: China Telecom 2009 H2 revenue increase but net income shrinks.

Large cap China stocks are expected to do well thanks to strong overseas rally on Monday- including Yanzhou Coal (NYSE:YZC), and China Life Insurance (NYSE:YZC). But Chinese power producer fell in Hong Kong and SDhanghai as price of coal advanced. Expect Huaneng Power (NYSE:HNP) to under-perform on Monday.

Gushan Env. Energy (NYSE:GU) is similar to LDK Solar (NYSE:LDK), ReneSola Ltd. (NYSE:SOL), Giant Interactive (NYSE:GA) Tongjitang CH MD (NYSE:TCM) from a technical point of view: all have advanced significantly yet are within their normal trading range. This is turn suggests more upside is possible.

Most overbought China stocks

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A rotation within the online game sector took place last week favoring industry leaders. Larger player Shanda Interactive (NYSE:SNDA) and Shanda Games (NASDAQ:GAME) advanced the most in a month while Perfect World (NASDAQ:PRWD) and Changyou.com (NASDAQ:CYOU) fell out of favor. Shares of NetEase.com (NASDAQ:NTES) shed as money flows supported the Shandas instead.

Most oversold China stocks

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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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