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China stock watch list June 15

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telescope1 July 15, 2010 (Chinavestor) Changes to the overbought screen this morning include the resurgence of Shanda Games (NASDAQ:GAME). China Finance Online (NASDAQ:JRJC) remains in the danger zone, according to the overbought chart below. China Transinfo Technology (NASDAQ:CTFO) is not overbought after a pullback a day earlier. China Life Insurance (NYSE:LFC) is the most notable name on the oversold screen this morning.

Shanda Games (NASDAQ:GAME) advanced 10 percent since last Friday. While the stock hasn't reached theoretical highs yet, the sharp increase calls for attention.

China Finance Online (NASDAQ:JRJC) is a small cap, low volume China stock that is hard to predict. Nevertheless upside potential is limited for the stock, according to the overbought chart.

China TransIno (NASDAQ:CTFO) pulled back yesterday, as predicted, but is not in more

OB_2010715

There is no oversold China stock at the moment, technically speaking, but the sudden drop in the price of China Life Insurance (NYSE:LFC) is noticeable. While there is more downside risk for LFC, the pace of the decline is going to slow.

City Telecom (NASDAQ:CTEL) is likely to level off or bounce back, according to the oversold chart below.

OS_2010715

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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