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China stock watch list for January 10

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warning2 January 10, 2011 (Chinavestor) The number of vulnerable China stocks is limited albeit investors better pay attention to those that moved substantially last week. New additions to the list from last week are The9 Ltd. (NASDAQ:NCTY), UTStarcom Inc. (NASDAQ:UTSI), and 3SBio Inc. (NASDAQ:SSRX). Old timers remaining on the overbought list are Qiao Xing Mobile Communication Co., Ltd. (NYSE:QXM), Melco Crown Entertainment (NASDAQ:MPEL) as well as China Housing & Land Development, Inc. (NASDAQ:CHLN).

The number of stocks with negative momentum is on the rise though. China Green Agriculture (NYSE:CGA) is clearly an extreme but Silvercorp Metals Inc. (NYSE:SVM) and Advanced Battery Technologies, Inc. (NASDAQ:ABAT) are also stocks of interest fro the day.

The9 Ltd. (NASDAQ:NCTY) or UTStarcom Inc. (NASDAQ:UTSI) - some of the new additions - are not overbought but have significant momentum. This is particularly interesting for The9 Ltd. (NASDAQ:NCTY), a stock that advanced high double digits last Friday, albeit at low volume. The stock is vulnerable to correction, as a reslut.

So is Actions Semiconductor Co., Ltd. (NASDAQ:ACTS) and Melco Crown Entertainment (NASDAQ:MPEL), a volatile stock of its own.

The rally may be over for Qiao Xing Mobile Communication Co., Ltd. (NYSE:QXM), especially if the dollar continues to strengthen.

OB_2011110

Silvercorp Metals Inc. (NYSE:SVM) is new on the oversold end of the China stock universe, but the stock itself is not trading at extremes yet. More downside is possible.

So it China Green Agriculture (NYSE:CGA), a stock that fell haard amid large volume and hasn't reached theoretical lows yet.

OS_2011110

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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