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China stock watch list for Tuesday, May 18

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eye May 18, 2010 (Chinavestor) Vimictro International (NASDAQ:VIMC) remains the only overbought China play on Tuesday leaving room for China ADRs to the upside. The oversold end of the China stock universe remains relatively balanced, with China Natural Resources (NASDAQ:CHNR), City Telecom (NASDAQ:CTEL), China Integrated Energy (NASDAQ:CBEH) and Perfect World (NASDAQ:PWRD) on the somewhat oversold position.

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City Telecom (NASDAQ:CTEL) and China Natural Resources Inc. (NASDAQ:CHNR) the closest to the theoretical lows.

But the sudden drop in the price of Perfect World (NASDAQ:PWRD) and China Integrated Energy (NASDAQ:CBEH) suggests a bounce back up is within the cards. But both companies will be under more pressure as peers from their respective industries reported weak financials. Giant Interactive (NYSE:GA) reported negative growth while Gushan Environmental Energy (NYSE:GU), a pure Chinese biodiesel producer, remained in the red for the fifth consecutive quarters. Gushan Environmental Energy Q1 Loss Widens. For GA report read Giant Interactive: Another Glum Report From China's Gaming Sector

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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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