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Momentum China stocks with room, Feb 7

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bear_bull February 7, 2011 (Chinavestor) Looking at China stock extremes, Minday Medical (NYSE:MR) certainly qualifies though the picture is not as bleak as it looks. Other Chinese stocks to watch on Monday include Sohu.com Inc. (NASDAQ:SOHU), Aluminum Corp. of China (NYSE:ACH), NetEase.com Inc.  (NASDAZQ:NTES) from the overbought screen. Oversold stocks on the move include Chinacast Education Corporation (NASDAQ:CAST), and Feihe International Inc (NASDAQ:ADY).

Mindray Medical (NYSE:MR) has approached theoretical highs after creeping higher most of last week ahead of earnings. But when market sentiment is strong, even overstretched stocks can hang on to previous gains. This is the case with the Chinese medical equipment maker and thus profit taking is not a real danger at the point. The company will release earnings later the week, suggesting the stock won't experience a pullback before fundamentals come out.

Sohu.com Inc. (NASDAQ:SOHU) is looking good despite sizable gains last week. The stock is far from theoretical highs, leaving ample room to the upside. NetEase.com Inc. (NASDQAQ:NTES) is very similar to Sohu's except the company hasn't released earnings yet. The company may jump just like Sohu and Changyou.cpom (NASDAQ:CYOU) and Baidu.com Inc. (NASDAQ:BISDU) did last week after reporting gangbusters financials.

Aluminum Corp. of China (NYSE:ACH) is looking good on strong commodity prices. Copper hit fresh five year highs, making a case for other metal stocks like ACH.

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Chinacast Education Corporation (NASDAQ:CAST) and Feihe International Inc (NASDAQ:ADY) are the most active stocks on the oversold screen this morning. Feihe International Inc (NASDAQ:ADY) fell last week following a share repurchase program and is not expected to bounce back yet. The news is a sound fundamental factor while the stock hasn't reached theoretical lows yet.

Chinacast Education Corporation (NASDAQ:CAST) fell hard last Friday on no particular news. Industry leader New Oriental Education & Tech. Group Inc (NYSE:EDU) reported disappointing quarterly report two weeks ago, casting a shadow over the sector. Nevertheless the fall Chinacast Education Corporation (NASDAQ:CAST) looks excessive and calls for a correction.

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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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