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Oversold China stocks for March 21

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advance7 March 21, 2011 (Chinavestor) There is no overbought China stock at the moment, but some are showing unusual momentum. 3SBio Inc. (NASDAQ:SSRX) is one of them but investors have to pay attention to UTStarcom (NASDAQ:UTSI) and  China GrenTech Corp. (NASDAQ:GRRF).

NYSE listings dominate the oversold screen. Sinopec (NYSE:SNP), China Southern Airlines (NYSE:ZNH) are oversold but more offer turnaround opportunities such as Aluminum Corp. of China (NYSE:ACH) and Guangshen Rail (NYSE:GSH). Melco Crown Entertainment (NASDAQ:MPEL) and Wonder Auto Technologies (NASDAQ:WATG) are the most oversold NASDAQ plays, according to the oversold screen.

There is only one China stock that may be considered overbought, anf that is 3SBio Inc. (NASDAQ:SSRX). The size of the arrow suggests the stock advanced too much, too fast,

Stocks with unusual momentum include UTStarcom (NASDAQ:UTSI) and  China GrenTech Corp. (NASDAQ:GRRF).

OB_2011321

Couple of stocks have already reached theoretical lows with little downside risk. Sinopec (NYSE:SNP), the largest refiner in Asia, is unusually oversold.

China Southern Airlines (NYSE:ZNH) is another stock with unusual drop. But with Libya turmoil on the go, it may take some time before airliners bounce back up.

Aluminum Corp. of China (NYSE:ACH) and Guangshen Rail (NYSE:GSH) are stocks that have limited downside.

Melco Crown Entertainment (NASDAQ:MPEL) is a volatilie trading stock that might turn around sooner than later.

Wonder Auto Technologies (NASDAQ:WATG) is oversold as well with little downside risk.

OS_2011321

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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