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Best performing China stocks on 1st week of July

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forecast1 July 9, 2010 (Chinavestor) Despite a number of strong market days for the week the number of overbought Chinese ADRs is limited. Vanceinfo Technologies (NYSE:VIT) is trading the closest to theoretical highs after an over eight percent jump on Thursday. Solarfun Power Holdings (NASDAQ:SOLF) is another overbought Chinese ADR that requires special attention on Friday. Rene Sola Ltd. (NYSE:SOL), New Oriental Education & Tech. Group (NYSE:EDU), E-house Holdings (NYSE:EJ), and China TechFaith Wireless (NASDAQ:CNTF) have experienced an unusual uptick for the week.

American Dairy (NYSE:ADY) and China BAK Battery (NASDAQ:CBAK) have more downside risk left, according to the oversold monitor.

Back to the overbought China stock universe this morning: The sharp advance from $23 to over $26 in just five market days suggests a technical pullback is a real possibility for Vanceinfo Technologies (NYSE:VIT). While Solarfun Power Holdings (NASDAQ:SOLF) hasn't approached theoretical highs yet but is a stock of concern for Friday after a staggering 15 percent advance since last Thursday.

Rene Sola Ltd. (NYSE:SOL) is the second most overbought Chinese solar maker on Friday but may extend gains as energy stocks are on the roll.

New Oriental Education & Tech. Group (NYSE:EDU) has more upside left and may give it a run for $100, but is getting overbought after that, limiting additional upside.

E-house Holdings (NYSE:EJ) got a fundamental boost in Asia on Friday after the Chinese Central Bank suggested monetary tightening is loosing its grip. Chinese real estate stocks advanced sharply in Asia on Friday.

China TechFaith Wireless (NASDAQ:CNTF) is promising more upside for the short run but investors will have to monitor this stock closely as early as Monday.

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China Bak Battery (NASDAQ:CBAK) fell five days in a row, loosing 16 percent of its market cap since last Thursday. While the stock hasn't reached theoretical lows yet, a strong market day may be all it needs for a turn around.

American Dairy (NYSE:ADY) is similar to China Bak Battery (NASDAQ:CBAK) from a technical point of view; might surprise investors to the upside. But that recovery looks still fragile...

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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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