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Solars shine on earnings, high oil in Feb

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shine3 February 21, 2011 (Chinavestor) There is no overbought Chinese stocks to speak of on Tuesday morning, technically speaking. Chinese solars have enjoyed a nice run following sound earnings from Yingli Green Energy (NYSE:YGE) last week. High oil prices are also beneficial for the sector, but it's ultimately earnings that will drive them from here. Trina Solar (NYSE:TSL) is much less vulnerable than JA Solar Holdings ( NASDAQ:JASO), according to the overbought monitor below. Giant Interactive (NYSE:GA) is another Chinese company to report earnings today, but that have to wait until the end of the trading session. China Automotive Systems (NASDAQ:CAAS) fell five days in a row but has more downside left, according to the oversold monitor.

Trina Solar (NYSE:TSL) has just reported Q4 numbers before the open, sending its shares higher but JA Solar Holdings (NASDAQ:JASO) fell as investors dismayed growth of this solar play.JA Solar (NASDAQ:JASO) has been trading a whole lot closer to theoretical highs than Trina Solar (NYSE:TSL), suggesting the stock is much more riskier than its larger competitor. Suntech Power (NYSE:STP) is another vulnerable solar play but high oil prices bode well for the sector.Yingli Green Energy (NYSE:YGE) has more upside left, according to the overbought monitor as well.

Giant Interactive (NYSE:GA) had a tremendous run in the second part of last week but is now in a dangerous spot. Downside risk exceeds upside potential for the stocks, telling investors to take profits before the close today.

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Vanceinfo Technologies (NYSE:VIT) is oversold but when markets experience a sell-off, oversold stocks don't fight the market. China Automotive Systems (NASDAQ:CAAS) is looking interesting albeit more downside is left for the stock. Current price is far from theoretical lows for this Chinese car parts manufacturer.

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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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