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Pick a value stock says oversold China monitor

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money_4 May 5, 2010 (Chinavestor) Spreadtrum Communication (NASDAQ:SPORD) pulled a surprise rally on Tuesday - but became overbought. Baidu.com (NASDAQ:BIDU) and China Sunergy (NASDAQ:CSUN) have some momentum left, according to the overbought monitor this morning.

Most of the action is going to take place on the oversold end of the China stocks universe though. Stocks ripe for bottom fishing include China Green Agriculture Inc. (NYSE:CGA), General Steel Holding (NYSE:GSI), Noah Education Hold. (NYSE:NED), China Infrastructure Investment Corp. (NASDAQ:CIIC), GigaMedia Ltd. (NASDAQ:GIGM), and Hutchison Telecom (NYSE:HTX), just to name a few.

Details: Baidu.com (NASDAQ:BIDU) is a fundamentally solid stock that is not overbought despite a strong showing in the last five days. Expect shares of the company follow overall market sentiment on Wednesday.

Chinese solar stocks tumbled on the strong dollar and tumbling oil prices - but this trend may change, helping them to get back on their feet. Solar stocks and the dollar. China Sunergy (NASDAQ:CSUN) has been one of the best performing China solar play lately, expect it to shine when the dust settles down.

Most overbought China stock list

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The real action is going to take place on the oversold end of the China stocks list. China Green Agriculture (NYSE:CGA) and General Steel Holdings (NYSE:GSI) have became technically oversold. Another set of stocks, like Noah Education Holdings (NYSE:NED) or China Infrastructure Investment Corp. (NASDAQ:CIIC) experienced a sharp decline, making to a technician to believe that a security is oversold. This is the case with GigaMedia Ltd. (NASDAQ:GIGM) and Hutchison Telecom (NYSE:HTX). To see what other stocks are similar to this list mentioned above, visit the following chart.

Most oversold China stocks lists

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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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