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Oversold China stocks cry for correction

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profit_1 May 7, 2010 (Chinavestor) With no overbought China stock to speak of, oversold China ADrs are in focus this morning. Changes to the list from yesterday: dominance of solar stocks is over. Now it's a broad sell-off that punished resource player Aluminum Corp. of China (NYSE:ACH) just as much as AsiaInfo Holding (NASDAQ:ASIA) or Melco Crown Entertainment (NASDAQ:MPEL). I don't remember seeing Petrochina (NYSE:PTR), HSBC Holdings (NYSE:HBC), Sohu.com (NASDAQ:SOHU) and Ctrip.com (NASDAQ:CTRP) being so oversold as they are today.

Most oversold China stocks

OS_201057

It's not overbought anymore - rather stocks with a stock price increase from last week. Spreadtrum Communication (NASDAQ:SPRD) and Synutra International (NASDAQ:SYUT) have remained in the black for the last five trading days. Rest of the China ADR universe is in the red...

Most overbought China stocks list

OB_201057

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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