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China stock watch list for June 9

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advance4 June 9, 2010 (Chinavestor) Energy stocks are poised to move away from theoretical lows on Wednesday. Expect shares of Yanzhou Coal (NYSE:YZC), China Integrated Energy (NASDAQ:CBEH), A-Power Energy Generation (NASDAQ:APWR), and JA Solar (NASDAQ:JASO) to outperform the market on Wednesday. China Housing & Land Development, Inc. (NASDAQ:CHLN) is poised to do well on Wednesday according to the oversold China stock monitor.

There are no overbought China stocks as of yet... but the surge of Chinese stocks in Asia suggests this won't last too long. Home Inns & Hotels Management (NASDAQ:HMIN) hit a resistance level above $38 and fell substantially according to the overbought chart. But the stock may just have needed a short term correction and looks ready to resume the rally.

 

China Unicom (NYSE:CHU) is another China play that is positioned well to take advantage of any market strength on Wednesday. Hong Kong listed H-shares of the company advanced the most among NYSE-HKEx cross-listed clue chips on Wednesday.

 

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News additions to the oversold screen from yesterday include China Yuchai International Limited (NYSE:CYD). But it won't be technicals but fundamentals that will move the stock today: the company entered into an agreement with the SEC regarding the restatement of 2005 earnings. Press release.

Energy stocks do well then price of oil is on the rise - just as is the case today. Yanzhou Coal (NYSE:YZC), the third largest Chinese coal miner, has a lot of ground to make up. China Integrated Energy (NASDAQ:CBEH), a Chinese bio-diesel producer and heavy oil distributor, is sensitive to oil prices and is expected to do well. A-Power Energy Generation (NASDAQ:APWR) and JA Solar (NASDAQ:JASO) are technically weak and have room left for improvement as well.

China Housing and Land Development (NASDAQ:CHLN) has experienced significant softness in the past but is expected to benefit from the sound Chinese economic news and the superb performance of key real estate stocks in Chinese markets on Wednesday.

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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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