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China stock watch list for Monday, May 17

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telescope1 May 17, 2010 (Chinavestor) Spreadtrum Communication (NASDAQ:SPRD) and Vimictro International (NASDAQ:VIMC) are in danger before the bell, according to the overbought monitor. Baidu.com (NASDAQ:BIDU) is looking good despite a 15% run last week. Chinese stocks with strong momentum include BMP Sunstone Corp. (NASDAQ:BJGP), eLong Inc. (NASDAQ:LONG) and Home Inns & Hotel Mgmt (NASDAQ:HMIN). CDC Corp. (NASDAQ:CHINA) and City Telecom (HK) (NASDAQ:CTEL) are the closes to being oversold.

Spreadtrum Communication (NASDAQ:SPRD) added another 14% last week to the 52 week long rally. While the stock price hasn't approached theoretical highs yet, profit taking is going to come up as an issue at one point.

Vimictro International (NASDAQ:VIMC) jumped 6.58% for the week - a highly unusual advance for this relatively unknown China play. The sharp advance suggests a technical correction is a real possibility...

Shares of Baidu.com (NASDAQ:BIDU) rose over 15% last week, buoyed partially by the 10-1 stock split. The new stock price became appealing for retail investors, drumming up volume and as a result, stock price improved.  To see how BIDU's 15% run measures up with the rest of the China stock universe, read China stock weekly roundup May 10-14.

Share prices of BMP Sunstone Corp. (NASDAQ:BJGP) and eLong Inc. (NASDAQ:LONG) advanced for the week and are now trading above their trading envelope. This is a bullish sign suggesting more upside is on the way.

A similar trend is spotted in the stock price of Home Inns & Hotels Management (NASDAQ:HMIN). The stock is enjoying a ride thanks to better-than-expected 2010 Q1 results. Home Inns & Hotel delivers sound 2010 Q1.

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CDC Corp. (NASDAQ:CHINA) fell over -10% last week following worse-than-expected 2010 Q1 numbers. It takes time to recover when fundamentals push a stock close to the oversold position. CDC Corp. drops 8.5% as slips to 2010 Q1 loss.

City Telecom (HK) (NASDAQ:CTEL) is considered oversold and may surprise investors to the upside later this week - according to the oversold indicator below.

American Oriental Bioengineering (NYSE:AOB) tumbled following disappointing 2010 Q1. Analysis of AOB and other China stocks reporting 2010 Q1 last week - China stock earnings calendar May 10-14.

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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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