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Libya overblown, oversold China stocks rally

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price_1 February 23, 2011 (Chinavestor) Ata Inc. (NASDAQ:ATAI) stole the story from the rest of the Chinese stocks after beating estimates and reaffirming 2011 revenue guidance. The stock got upgraded by Piper Jeffrey in addition. But the 10% jump made it vulnerable, according to the overbought monitor.

Most action took place on the oversold end of the China stock universe tough. Vanceinfo Technologies (NYSE:VIT) continued to top the oversold chart but China Yuchai International Limited (NYSE:CYD),  China Automotive Systems, Inc.(NASDAQ:CAAS) and China Infrastructure Investment Corp (NASDAQ:CIIC) are stocks of interest for today.

Large cap China Mobile (NYSE:CHL) and China Southern Airlines (NYSE:ZNH) are ready to bounce back as well, according to the oversold monitor.

While Ata Inc. (NASDAQ:ATAI) looks overbought, the stock rallied on fundamental strength, a very positive sign. That suggests the stock may be able to add some to its gain from the day before.

OB_2011223

Vanceinfo Technologies (NYSE:VIT) remains oversold and continues to be a stock with upside potential.

China Yuchai International Limited (NYSE:CYD) fell hard on Wednesday - actually too hard, according to the oversold monitor below. The stock has more upside potential than downside risk at this point.

But the worst might not be over for China Automotive Systems, Inc.(NASDAQ:CAAS) just yet. Despite heavy losses, the stock hasn't reached theoretical lows yet.

China Infrastructure Investment Corp (NASDAQ:CIIC) fell under heavy volume, something that calls for attention. But again, the stock is far from theoretical lows leaving more room to the downside.

OS_2011223

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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