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More upside for solars, telcos Jan 19

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advance7 January 19, 2011 (Chinavestor) China-Biotics Inc. (NASDAQ:CHBT) may be the most overbought China stock at the moment but the story of the days belongs to solar plays. Suntech Power (NYSE:STP), Trina Solar (NYSE:TSL) and Yingli Green Energy (NYSE:YGE) all advanced substantially, showing the way to smaller names. China Telecom (NYSE:CHA) is another stock of interest, according to the overbought monitor this morning. Silvercorp Metals (NYSE:SVM) bounced back up on Tuesday, just as expected after being oversold to the extremes last Friday. China-Biotics Inc. (NASDAQ:CHBT) is trading at an extreme overbought position, telling downside risk exceeds upside potential.

But the story is different for Chinese solar stocks. Despite unusual advanced, more upside is possible for Trina Solar (NYSE:TSL) and Suntech Power (NYSE:STP), the latter being more risky though. Yinlgi Green Energy (NYSE:YGE) is also among the 25 most overbought China stocks but is far from stock extremes at this point. Again, more upside is possible.

Shanda Games (NASDAQ:GAME) and Petrochina (NYSE:PTR) are stocks with sustainable momentum. China Telecom (NYSE:CHA) hasn't approached theoretical highs yet, suggesting more upside is very possible.

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Silvercorp Metals (NYSE:SVM) had a strong day on Tuesday after hitting the extreme oversold position last Friday. But now that the stock is away from the oversold position, direction is uncertain.

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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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