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China solars get some love in Feb

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solar3 February 18, 2011 (Chinavestor) There hasn't been much change on the overbought end of the China stock universe since yesterday other than solar stocks got bolder. Suntech Power (NYSE:STP) and Giant Interactive (NYSE:GA) continue to tower over the rest but outlook for solars remain solid thanks to a robust earnings from Yingli Green Energy Hold. Co. Ltd. (NYSE:YGE) this morning. China XD Plastics (NASDAQ:CXDC) looks to have sustainable momentum along with JA Solar Holdings (NASDAQ:JASO), Canadian Solar (NASDAQ:CSIQ), KongZhong (NASDAQ:KONG) and ReneSola Ltd. (NYSE:SOL). Big movers on the oversold end of the China stock universe include Sutor Technology (NASDAQ:SUTR), Ctrip.com Inc. (NASDAQ:CTRP), and Vanceinfo Tech (NYSE:VIT).

It seems that fears of overcapacity has been overblown and solar stocks are ready to get some love again. Yingli Green Energy Hold. Co. Ltd. (NYSE:YGE) has just reported better-than-expected Q4, helping to lift the rest of the sector. Suntech Power (NYSE:STP) may be able to extend its long stretch but upside looks bigger than downside potential for JA Solar Holdings (NASDAQ:JASO), Canadian Solar (NASDAQ:CSIQ), and ReneSola Ltd. (NYSE:SOL).

Industrial China XD Plastics (NASDAQ:CXDC) is looking good despite sizable gains for the month, according to the overbought chart below. 

OB_2011218

Vanceinfo Tech (NYSE:VIT) remains oversold, suggesting the stock hit bottom. But with so much deficit in investors' confidence, it may take time before the stock is ready to move again. Ctrip.com Inc. (NASDAQ:CTRP) continues to suffer after reporting 2010 Q4 numbers and a weak 2011 Q1 outlook. But fears may be overblown and the stock may turn around as more earnings from the travel and internet sectors surface.

Sutor Tech. (NASDAQ:SUTR) fell hard yet has more downside left, according to the oversold chart below.

OS_2011218

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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