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China stocks to watch on April 20, 2010

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eye April 20, 2010 (Chinavestor) There is not a single, technically overbought China stock this morning - though some have noticeable momentum such as WuXi Pharmatech (NYSE:WX), Changyou.com (NASDAQ:CYOU), AsiaInfo Holdings (NASDAQ:ASIA), Spreadtrum Communications (NASDAQ:SPRD) and Mindray Medical (NYSE:MR).

Stocks on the oversold monitor to watch out on Tuesday include China Real Estate Information (NASDAQ:CRIC), China Housing & Land Development, Inc (NASDAQ:CHLN) - though related E-House (China) Holdings Limited (NYSE:EJ) is not oversold. Low volume, small market cap China Natural Resources Inc. (NASDAQ:CHNR) is another dark horse. China BAK Battery (NASDAQ:CBAK, Perfect World (NASDAQ:PWRD), Qiao Xing Universal Telephone (NASDAQ:XING) and China Grentech (NASDAQ:GRRF) are worth paying closer attention to. 

Details: shares of WuXi Pharmatech (NYSE:WX) or Changyou.com (NASDAQ:CYOU) are far from overbought despite some show of strength in the last few days. AsiaInfo Holdings (NASDAQ:ASIA) is just like WX or CYOU : trading just above normal trading range. Spreadtrum Communications (NASDAQ:SPRD) and Mindray Medical (NYSE:MR) were oversold not too long ago and current resurgence is more of a technical rebound than a rally based on fundamentals. Nevertheless Mindray Medical (NYSE:MR) is a very solid company - Mindray Medical (NYSE:MR) - Initiated Buy.

Most overbought China stocks list

OB_2010420

Chinese real estate stocks suffered as Beijing stepped on the breaks. Banks were told not to lend for third homes, curbs effecting now unfinished homes as China is trying to cool off the hot property market. China Real Estate Information (NASDAQ:CRIC) became oversold after a -11.4% p[lunge on
Monday. Related E-House (China) Holdings Limited (NYSE:EJ) has weathered the storm much better - the stock is actually up in pre-market trading and is not oversold either. China Housing & Land Development Inc. (NASDAQ:CHLN) hasn't approached theoretical lows yet, but is trading well below the trading envelope. This suggests the turnaround is likely to come today or tomorrow...

China Natural Resources Inc. (NASDAQ:CHNR) is oversold though it is difficult to count on a comeback for low volume stocks such as this.

China BAK Battery (NASDAQ:CBAK, Perfect World (NASDAQ:PWRD), Qiao Xing Universal Telephone (NASDAQ:XING) and China Grentech (NASDAQ:GRRF) have experienced a significant loss of momentum lately - and are ready to turn around. Perfect World (NASDAQ:PWRD) and China Grentech (NASDAQ:GRRF) are well below normal trading range, suggesting a bounce back up is coming sooner than later.

Most oversold China stocks

OS_2010420

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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